GWSB Spring 2011 Magazine by GW School of Business

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T H E

G E O R G E

W A S H I N G T O N

U N I V E R S I T Y

FINANCIAL LITERACY FOR FOLKS LIKE US FROM EXXON TO ENRON

ALUMNUS TOUCHES ALL THE BASES

COACH TAKES ONE FOR THE TEAM MAPPING THE ROAD TO RUIN LESSONS FROM THE HOUSING COLLAPSE

CHARLIE BENDIT: CRAZY, GUTSY, VISIONARY

Economist, “Which MBA?” September 2010 38th in North America for Global MBA Programs 1st Worldwide for Diversity of Recruiters 6th Worldwide for Breadth of Alumni Network 17th Worldwide for Student Diversity U.S. News & World Report, “America’s Best Graduate Schools,” March 2011 52nd in the United States, Full-Time 36th in the United States, Part-Time BusinessWeek, “Best U.S. B-Schools for 2010,” November 2010 Top 52 MBA Programs Wall Street Journal, September 2007 45th Regional Full-Time MBA Program Aspen Institute/Beyond Grey Pinstripes, 2009-2010 10th in the United States 13th Worldwide Princeton Review, “Best 301 Business Schools,” October 2009 2nd in Greatest Opportunity for Women Women 3.0, January 2008 Top 50 MBA Programs for Entrepreneurship World Tourism Organization TedQual: Excellence in Tourism Education Forbes, “Best Business Schools: Where your investment in an MBA pays off the most,” August 2009 73rd in the United States TopMBA, October 2010 15th Worldwide: for Ethics and Corporate Social Responsibility 47th in North America for MBA Programs The Accounting Review, November 2011 14th Department of Accountancy Among 130 Institutions Worldwide

UNDERGRADUATE PROGRAMS

GRADUATE PROGRAMS

GWSB POINTS OF PRIDE BusinessWeek, “The Best Undergrad B-Schools,” March 2011 59th Overall in the United States 19th in the United States for Academic Quality U.S. News & World Report, “America’s Best Colleges,” August 2010 7th Undergraduate International Business Specialty  34th Undergraduate Business Program Fortune Small Business, “America’s Best Colleges for Entrepreneurs,” September 2007 Best 24 Colleges for Double Majors Women’s Entrepreneurial Leadership Initiative

GW business

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The George Washington University School of Business

F E AT U R E S

4 FINANCIAL LITERACY FOR FOLKS LIKE US 9 FROM EXXON TO ENRON ALUMNUS TOUCHES ALL THE BASES

12 COACH TAKES ONE FOR THE TEAM 16 MAPPING THE ROAD TO RUIN LESSONS FROM THE HOUSING COLLAPSE

20 CHARLIE BENDIT: CRAZY, GUTSY, VISIONARY DEPA RT M EN T S

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Cover photo by Abby Greenawalt

42 Intellectual Contributions 46 Development Update 48 Alumni News 52 Class Notes

3 Dean’s Welcome 24 Best Practices 27 Brief Case 37 Getting Ink

GW business Editor MOLLY BRAUER Copy Editor DELINDA KARLE Contributing Writers MARY A. DEMPSEY FRANK DONNELLY GARY LIBMAN DAN MICHAELIS ROBERT PREER RICHARD WILLING Design LLOYD GREENBERG DESIGN, LLC Staff Photographer JULIE ANN WOODFORD

GWbusiness magazine is published twice a year by The George Washington University School of Business

Please send change of address notices to Alumni Records 2033 K Street, NW Suite 310 Washington, DC 20052 President STEVEN KNAPP Dean DOUG GUTHRIE Vice Dean of Faculty and Research SOK-HYON KANG Vice Dean of Programs and Education MURAT TARIMCILAR Associate Dean of MBA Programs LIESL RIDDLE

Comments and letters are welcomed. Please direct all correspondence to Molly Brauer, GWbusiness 2201 G Street, NW DuquĂ¨s Hall, 450 Washington, DC 20052 or to mbrauer@gwu.edu Phone: (202) 994-0767 Fax: (202) 994-2286

Interim Associate Dean for Research and Doctoral Studies MARK KLOCK Associate Dean Undergraduate Programs LAWRENCE G. SINGLETON Director of Development School of Business REBECCA WANEK

GWbusiness is printed by Stephenson Printing.

Dean’s Welcome

Dear Alumni, Students, Parents, Faculty and Friends,

W B U S I N E S

Sincerely,

This issue of GWbusiness magazine presents an astonishing parade of our alumni and their accomplishments, both in the business realm and as human beings. We urge our students to act responsibly, think globally and lead passionately. These featured alumni embody these principles in so many ways. When we heard about Tom Walter, one of our MBA grads, a former GW baseball coach and now baseball coach at Wake Forest University, we had to share his extraordinary story. Perhaps the most remarkable part of the story is the fact that Walter doesn’t think it is extraordinary (page 12). We also take an in-depth look at two of our most accomplished alumni—Ave Tucker (page 9) and Charlie Bendit (page 20). As pioneers in forensic accounting and real estate development, they have done much to shape their professions. It makes me proud that they believe their GWSB education played a role in that success. Both men advocate giving back, and their generous support is advancing groundbreaking research at the School. In fact, Bendit’s support of the Center for Real Estate and Urban Analysis is propelling the work of Professor Robert Van Order into the national limelight (page 16). Van Order’s research addresses some of our nation’s most compelling public policy issues. As in every issue of GWbusiness, we also spotlight two of our alumni in brief photo profiles. Shonodeep Modak, MBA, ’07, has a past and future in alternative fuels (page 26). At GE, he is responsible for driving growth in new energy-generation markets, focusing on landfill gas-to-energy, animal waste-toenergy, combined heat and power, and zero-emission waste-heat recovery projects. Richard Y. Pineda, MBA, ’01, is vice president of Dell Corp.’s Federal Government Services (page 45). He manages strategy, operations and long-term growth for a roughly $4 billion portfolio of work—including oversight of 4,000 team members. I hope you’ll enjoy reading about your classmates and that their stories will inspire you to share your experiences and accomplishments.

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Doug Guthrie Dean and Professor of Management and International Business

Financial Literacy for Folks Like Us

nnamaria Lusardi, professor of accountancy and economics, has gained a reputation as one of the world’s leading economists in a field that is dominating the headlines: financial literacy. Once an obscure specialty in economics, financial literacy in recent

years has gained a high profile in both academic and policy circles. The U.S. financial crisis exposed the many unwise, if not foolhardy, finan-

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By Robert Preer

tries around the world, and I have been traveling to Europe, Asia and Latin America to talk about the causes and consecial reform law—the most sweeping financial quences of financial illiteracy.” Lusardi, who joined the GW School of Business faculty reform since the Great Depression—recognized in the fall, has won prestigious awards for research and teaching. She has consulted for top government officials in the problem with a series of provisions designed the United States and abroad. She was on the Dartmouth College faculty for nearly two decades and held appointto protect and empower consumers. ments at the University of Chicago, Harvard Business “There is growing sense of urgency around the issue School and Princeton University. The online business today,” Lusardi said. “The financial school resource bschool.com ranks her crisis has made both governments and blog as one of the top 50 in economics. individuals acutely aware of the costs of As she prepares to launch GWSB’s Photography: Abby Greenawalt financial illiteracy. This is not specific to Financial Literacy Center, Lusardi

Month. At the same time, the Dodd-Frank finan-

Congress declared April as Financial Literacy the United States but has been happening in many coun-

established a Council on Financial Capability, and the president and

cial decisions made by ordinary Americans. President Barack Obama

underscores the need for the research center by pointing to her own research. [See box: Are You Financially Literate?] “We found that financial illiteracy is widespread in the whole population,” Lusardi said. But exposing financial illiteracy is not enough. Lusardi wants to fix it, too. And that’s what prompted her to join GWSB. She hopes the Financial Literacy Center will lead a global campaign to promote financial knowledge. “In doing this work, I became more and more connected to Washington,” Lusardi said. “This is where the debate is happening. It’s where I want to be.” The center is still in a formative stage. For the past year and a half, Lusardi has been director of a financial literacy

center that is a shared undertaking of Dartmouth, the Wharton School and the RAND Corp. It develops programs to improve consumers’ understanding of finance. Lusardi hopes to move some, if not all, of that center’s activities to GWSB. Dean Doug Guthrie expects Lusardi’s initiative to enhance the School’s mission to be a national leader at the intersection of research and policy. “Annamaria Lusardi cares deeply about being involved with the policy world,” Guthrie said. “This is a perfect melding of rigorous research with public engagement.” Because of her groundbreaking work, Lusardi, 48, finds herself interviewed or cited in almost every media report

ARE YOU

FINANCIALLY LITERATE?

1) Suppose you had $100 in a savings account and the interest rate was 2 percent per year. After 5 years, how much do you think you would have in the account if you left the money to grow? a) More than $102 b) Exactly $102 c) Less than $102 d) Do not know 2) Imagine that the interest rate on your savings account was 1 percent per year and inflation was 2 percent per year. After one year, would you be able to buy more than, exactly the same as, or less than today with the money in this account? a) More than today b) Exactly the same as today c) Less than today d) Do not know

W B U

3) Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.” a) True b) False c) Do not know

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Lusardi found that these questions accurately measure how capable individuals are of managing personal finance. The results of the surveys were alarming. Only 50 percent of older individuals surveyed by the National Institute on Aging in 2004 were able to correctly answer the first two questions. Only onethird answered all three correctly. The younger adults surveyed in National Longitudinal Study of Youth did worse. And the results of the National Financial Capability Survey, released in December 2009 by U.S. Treasury Secretary Timothy Geithner and Education Secretary Arne Duncan, revealed that only about half of the general population could correctly answer the questions.

on financial literacy. “I have become what you might call the go-to person in financial literacy,” she said. “I want GW to be the goto place.” At Dartmouth, the University of Chicago and other teaching posts, Lusardi was a student favorite, a dynamic teacher known for engaging those in her classes. “I care about my students,” Lusardi said. “I care about what they learn, and I want them to do well. I think they understand that.” Colleagues speak highly of Lusardi as a person with a broad spectrum of interests. “Her laugh fills up a room,” said Peter Tufano, a Harvard Business School professor who has collaborated with Lusardi. “She is warm and genuine, funny, engaging and tenacious. She loves opera. She loves good food.” Wharton School Professor Olivia Mitchell, who also worked with Lusardi, described her as a dedicated teacher. “She is widely regarded as a mentor to the next generation of researchers and policymakers in the financial literacy field,” Mitchell said. Lusardi spent her early years in rural Italy near Milan. She was greatly influenced by her grandmother, who lived with Lusardi’s family and managed a family farm. “I come from a family where women played an important role,” Lusardi explained. “My grandma inherited a farm at a very young age after her husband died. It was unusual then for a young woman to do that.” When she finished high school, Lusardi left her home outside of the mid-sized city of Piacenza for Bocconi University in Milan. “The longest journey of my life was not from Milan to the United States, but from Piacenza to Milan, only 50 miles away,” Lusardi said. Had she stayed in Piacenza, Lusardi believes she might have landed a job in a local bank and made her career there. But in Milan, she was exposed to a broader world view. At Bocconi, she met students who had studied in other countries and traveled the world.

The research of professor Annamaria Lusardi can be summarized very simply. “I would describe it as the story of three questions,” she said. “I often begin my seminars by saying, ‘Let me take you on a journey of three questions.’ ” By inserting three multiple-choice questions about personal finance on a series of national surveys, Lusardi, a native of Italy, exposed the dearth of basic financial knowledge within U.S. society. The first survey was given in 2004 to older individuals, the second was subsequently administered to younger adults and the third went to a cross section of the population. Since then, the three questions have been posed to people in more than a dozen countries around the world.

“I have become what you might call the go-to person in financial literacy,” Lusardi said. “I want GW to be the go-to place.”

Some classes were in English. She recalled her first day in an introductory class with several friends from high school. They met an upperclassman, who told them he planned to get a master’s degree after graduation. “When we met after class,” she said, “we all asked each other, ‘What is a masters?’ ” Lusardi excelled in college and spent a semester of her junior year at New York University. “This opened a world of possibilities. I saw that I could live, work and study outside of Italy,” she said. She earned her doctorate at Princeton in 1992. Her dissertation was on consumption and savings behavior. After a year teaching at Princeton, she accepted a faculty post at Dartmouth, where she rose from assistant professor to associate professor to full professor and, finally, to an endowed chair. Her consumer research led to the field of financial literacy. “I realized there are differences among people that traditional models could not explain. You would see people with the same age, economic background and education levels, yet they behaved very differently. I began to investigate whether economic knowledge made a difference.” Lusardi’s work with the three questions boosted her to prominence in research and policy circles. She is in demand to speak at conferences and to consult with governments and nonprofits around the world. She spends much of her time in airports. A couple of times during the year, Lusardi takes a twomonth break from travel to focus on research. Lusardi, who is single, also returns to Italy whenever she can. “I like to be home. I still have my family there,” she explained. “I have my college friends who I’ve stayed in touch with. Sometimes we spend vacations together.” The fact that so many people are unprepared to manage personal finance is only part of the global financial literacy problem, according to Lusardi. She also discovered a gender gap, which cuts across age, culture and socioeconomics.

On financial literacy tests, women tend to score lower than men. Lusardi is exploring that gap by examining financial literacy around the world. While widespread financial illiteracy probably is nothing new, the consequences of it in the United States are more serious today. “We have put people in charge of very difficult financial decisions—providing for financial security in retirement, for example,” Lusardi said. She added that mortgages, credit cards and other borrowing options were much simpler decisions in the past. Lusardi wants to see GWSB’s Financial Literacy Center design programs for schools, businesses, libraries, governments and nonprofits. She intends to be a frequent visitor to the halls of power in Washington, D.C., raising her voice on the importance of protecting, informing and empowering consumers. And she sees the workplace as an area where a focus on financial literacy is critical. “The workplace is where people are, and it’s where they make important decisions, like where to invest their retirement savings,” she said. In March, the NYSE Euronext Foundation—a philanthropic organization set up by the New York Stock Exchange—gave Lusardi a $150,000 grant to develop an effective low-cost roadmap for workplaces that want to improve their employees’ financial literacy. “We need to take advantage of teachable moments, those times of the year when people have to make decisions, like when they have to pay taxes,” she said. Lusardi added that government can provide the public with essential information, disseminated through the Internet, traditional media and in libraries. She envisions GWSB as the place where these issues are discussed and where policy is formulated, backed by the latest research. “I want to build a center that will involve students and faculty, as well as alumni,” she said. “I want to engage the institution. GW

From Exxon to Enron

Alumnus Touches All the Bases After nearly 35 years, former GW baseball coach Mike Toomey can still tick off the attributes of his former center fielder like he was reading from a scouting report.

“Avram ‘Ave’ Tucker,” said Toomey, now a senior scouting adviser to the Kansas City Royals Major League franchise. “Excellent gap-to-gap hitter, havoc on the bases, good routes to the ball in the outfield, always had a smile on his face, a great, great teammate. “I remember thinking ‘I wish I had nine like him.’ ” The friends of GW’s School of Business can be forgiven for feeling the same way. Long after he hung up his spikes and acquired a BBA in accounting, Ave (pronounced “gave”) Tucker remains a standout on a very solid team of GWSB alumni. He’s been a giver, almost since graduation in 1977, setting up a scholarship fund, helping build the current school and funding a professorial fellowship focused on the study and teaching of leadership. He has mentored graduate students in forensic accounting, his chosen field, and has served as a key West Coast point of contact at TM Financial Forensics in San Francisco, where he is co-founder and CEO. When a recent trip to Japan took Tucker out of town, he lined up a pinch hitter to address visiting MBA candidates on forensic accounting.

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Photography: Steve Babuljak

By Richard Willing

Mitchell Blaser, BBA, ’73, chair of the GWSB’s Board of Advisors, called Tucker a “3 W” man—an alumnus who gives of his wealth and wisdom and also “puts in the work” with current school leadership, faculty and, especially, students. “Ave touches all the bases,” said Blaser, COO and CFO of Ironshore, the specialty property and casualty insurance firm. “I would have said that even before I found out he was a baseball player.” On paper, Tucker seemed fated to attend GW. He was born in the University hospital, as was his wife, Dianne Bostick. Both her parents are GW grads as was Tucker’s father, Simon, a World War II Navy

linguist who attended the University’s law school at night during the 1950s while working at the State Department. But serendipity, and baseball, played a large role. Coming out of John F. Kennedy High School in Silver Spring, Md., Tucker believed his best shot at a professional career was to gain experience and exposure by playing college ball in Florida. Only 5’7” and with an average arm, he recruited himself to Rollins College but soon discovered he was overmatched by higher-rated prospects and scholarship players. Tucker returned to the D.C. area and enrolled at Montgomery College. In 1975, a summer-league teammate, Toomey, GW, ’74 revealed that he had been hired to coach GW’s Colonials. He offered Tucker a scholarship and installed him in center field, where the left-handed slap hitter rewarded Toomey’s faith by batting .380 during his first season. Tucker starred at a time when the Colonials, lacking a home field, played on a diamond laid out along the Ellipse between the White House and the Washington Monument. Games were interrupted by landings and takeoffs of presidential helicopters bearing Gerald R. Ford in 1976 and Jimmy Carter a season later. The lack of an outfield fence was both a curiosity— visitors for the nation’s bicentennial occasionally wandered into the field of play—and a bonus for GW’s savvy center fielder. “Penn State must have hit three 500-footers against us and I caught all of them,” Tucker recalled. “Their coach said they’d play us again, but only on a field with fences.” In the classroom, Tucker took up accounting, following his father’s advice that the discipline offered the chance to go in a variety of professional directions. GWSB’s approach—an emphasis on theory—taught him to “think through the pros and cons” of accounting questions. That experience served Tucker well when, after five years in Washington at Arthur Andersen and Co., he joined Chicago-based accountant Alan Peterson, an exponent of the growing field of forensic accounting, as Peterson’s West Coast representative. Forensic accounting, in what Tucker calls a “simple definition,” is the use of economic and financial information for investigative purposes, usually dispute resolution. Why did a company go out of business, or default on a contract, or incur cost overruns on a project? Whose decisions are to blame? What are the costs and the damages? And, most challenging, what would profits have been if the enterprise had succeeded? Tucker has built a career out of answering such questions, often as an expert witness in jury trials. According to Peterson, still active in the field at age 82, the amiable, down-to-earth Tucker especially excelled at this phase of the craft.

AVRAM TUCKER

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“Ave is a brilliant accountant, but he’s also a leader, someone NAME: Avram ‘Ave’ Tucker whose essential honesty comes PROFESSION: Forensic Accounting through in any exchange,” said Peterson. “I knew he was going to CURRENTLY: Co-Founder & CEO, be good when I hired him. I wish TM Financial Forensics LLC, San Francisco I could say I knew he was going to HOME: Orinda, Calif. be great, but that is fundamentally his achievement.” DEGREE: BBA in Accounting, 1977 Tucker rewarded Peterson’s FAMILY: Wife is Dianne Bostick. Daughter faith with one of the first cases he Rachel is junior at Denver University. took on, a utility that incurred large Daughter Kelly is high school senior. cost overruns in building a hydroelectric plant. Experts employed AT GWSB: Board of Advisors, by the utility, Tucker recalled, Endowed Avram Tucker Chair in Leadership testified that the cost control sysQUOTE: “The neat thing about (my) profession tems employed were acceptable is that over the past 25 years I’ve been able to by industry standards—testimony that usually absolved a corporation work on the major Wall Street Journal-type of responsibility. headline stories that have affected our country.” “But we [forensic accountants] could say how specifically costs went up, and why…More and more in dispute resolution there was a need for that, and we filled it,” In his first or second year out of school, Tucker got in the habit Tucker explained. of giving to GW, making what he recalls as a $25 contribution while The business grew with Tucker as a plaintiff’s or respondent’s employed as an $11,700-per-year auditing specialist. The gifts have expert witness in many of the major economic damages cases of the increased as the years have gone by. The professorship in business past quarter century: the Exxon Valdez accident, cost overruns on leadership, with James Bailey as its first occupant, was funded by military programs and nuclear power plant construction, Enron, and is named for Tucker. Longtime associate Peterson, with a gentle tobacco litigation and many others. All told, he has taken part in Tucker nudge, made a recent gift to a law school program on governabout 20 cases in which the claims of the rival parties were more than ment contracts. And Tucker is a big supporter of Doug Guthrie, the $1 billion apart. new GWSB dean, and his emphasis on executive education as promIn one especially high profile case in 2005, Tucker helped mega- ising ground for the School of Business. But Tucker may be proudest investor Warren Buffett’s Berkshire Hathaway defeat the IRS’ of the money he’s given to endow scholarships based on need. attempt to dun it for more taxes. According to court records, the Tucker, a partner in or owner of two consulting firms purchased heart of the controversy was whether Buffett’s company was entitled by public companies, ascribes his philanthropic philosophy to family to tax breaks for loans it took out around the time it was profiting and friends. from stock purchases. “My parents emphasized that the opportunities I have come from The IRS’ position was that the tax breaks should be disallowed society and that we should therefore give time and money back to because the loans were taken out to finance the stock buys. Tucker, good causes,” Tucker said. “And my good friend and mentor Alan working from two years’ worth of daily, cash-flow reports he [Peterson] pushed giving to education causes, in particular undercompiled, showed that there was no traceable link between the graduate and graduate business programs, as having the greatest debt and the stock purchases. The judge who found in favor of benefit to society in the long run.” Berkshire Hathaway’s position leaned heavily on Tucker’s testimony A pledge Tucker made to himself nearly 35 years ago, after Mike in concluding that there were “numerous alternative paths the debt Toomey signed him to a scholarship, also informs his giving. could have taken.” “I said to myself ‘George Washington University is going to give a Tucker, called to testify just after Buffett left the stand, was mildly short, left-handed center fielder from Montgomery County a chance disappointed that the investing legend didn’t stick around to hear to play Division 1 baseball,’” Tucker recalled. “I’m going to make it him dissect the Berkshire books. “It turns out he had to go back to worth their while.” GW the office,” Tucker said. “He’s still making the basic daily decisions and so they needed him there.”

COACH TAKES ONE FOR THE TEAM

THE JOURNEY BEGINS It was early in 2010 that Jordan—still in high school— noticed his energy waning. His speed and power on the baseball field diminished. He was diagnosed with the flu, but he didn’t improve. So in April, Jordan and his family visited Emory University Hospital in Atlanta. There it was discovered that he suffered from ANCA vasculitis, a rare disease in which the immune system attacks parts of the body, leading to kidney failure. Jordan was told that his kidneys were functioning at only 15 to 20 percent of their ability. That summer, Jordan was on dialysis three times a week. But that didn’t dampen his determination to attend Wake Forest. On Aug. 23, the same day he officially enrolled at the

university in Winston-Salem, N.C., Jordan and his parents met Dr. Barry Freedman at the Wake Forest Baptist Medical Center. Coach Walter, himself new to Wake Forest, joined them. Before that meeting, Walter did not realize the seriousness of Jordan’s condition: The young athlete’s kidneys were operating at only 8 percent efficiency. Walter, 42, volunteered to be tested as a possible donor should Jordan need a kidney. Jordan’s condition worsened and, as school began in the fall of 2010, he was spending at least eight hours a day connected to a dialysis machine in his dorm room. Despite this, Jordan passed all his classes and turned up at team practices when he could. Although he was at Wake Forest on a scholarship, his inability to play did not jeopardize that. After no compatible donor was found among Jordan’s family members, they turned to Walter. He underwent testing and, on Jan. 28, 2011, the first day of spring training, the coach learned that he was a match. The coach said he was inspired by Jordan’s courage. “For him to be a freshman, not know anybody on campus, and be in his [dormitory] room on dialysis, I think took incredible…courage,” Walter explained TWO WITH PLUCK Walter had pluck of his own. Four days after the February kidney transplant, the coach attended his first team practice of the season. He spent 45 minutes on the home field talking to players about hitting and batting practice before fatigue prompted him to head to the press box to watch the workout. “I didn’t do a whole lot. Just made a showing,” said Walter, who served as assistant baseball coach at GW from

By Gary Libman

Wake Forest

n January 2010, the New York Yankees were courting an extraordinarily talented high school senior named Kevin Jordan. Instead of going pro, however, the swift, power-hitting, outfielder decided he would enroll at Wake Forest University and join its baseball team, donning the pinstripes immediately. When Jordan chose college over career, he didn’t know that he would soon be gravely ill, requiring a kidney transplant. Also he had yet to meet his new baseball coach, Tom Walter, GWSB MBA, ’94. This past February, the Wake Forest University coach, who once coached GW’s baseball team, gave Jordan his kidney. “I would have donated a kidney to any member of our team. If there was a player from 10 years ago, and I was a match, I would have given him a kidney,” said Walter. “This is something I think anybody would do for a family member.”

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1992-1994 and returned as head coach from 1997-2004, compiling a 275-184 record— the winningest in GW baseball history. A week later, buoyed by his first practice, Walter bounded out of the dugout to question an umpire at Wake Forest’s opening game at Louisiana State University. “But the pain in my body grabbed me and said, ‘Wait a minute, you’d better slow down.’ So I walked gingerly to the umpire.” Within days, Walter caught himself bellowing at a base runner, and he knew he was on the mend. “That comes from your belly, your gut. I wasn’t as vocal or as loud or as energetic as I usually am, but I could still perform the duties,” he explained. The coach still tires easily, but he said fatigue, discomfort and the inability to pitch batting practice or hit fly balls to his outfielders were a small price for helping Jordan. When the donation was announced, Walter, who coached at the University of New Orleans from 2005-09 and moved to Wake Forest in mid 2010, became a national celebrity. Journalists covering the story could not remember another college coach donating a kidney to a player. After the transplant at Emory University Hospital, Walter and Jordan held a news conference for about 65 reporters. Over the next few days, Walter sat through some two dozen interviews—at least 22 more than usual at the start of a baseball season—for outlets from CNN to the CBS Evening News. Before his team’s opening game at Louisiana, 10,000 LSU fans stood and cheered him. More important to Walter than the recognition, however, was a feeling that he’d sent a powerful message about belonging to a team. “When we recruit our guys,” he said, “we talk about family, and we talk about making sacrifices for one another. It’s something we take very seriously.”

Virginia home as a headquarters, he scrambled to reunite his team at New Mexico State University, which had offered to cover team members’ housing and tuition. That’s when another GWSB alumnus, Walter’s friend W. Russell Ramsey, BBA, ’81, stepped in. Ramsey, who is chairman of the GW Board of Trustees, provided his corporate jet so Walter could travel to Baton Rouge and pick up as many players as could make it there. When they boarded the jet headed to New Mexico, the players found that Ramsey had stocked it with clothing and supplies. Those who know Walter have not been surprised by his decisions during difficult times. “If you’d told me that somebody on his team was in dire need of a kidney, and asked me ‘What were the chances he would donate a kidney?’ I would have said that the chances were pretty good,” says Frank Cerullo, BBA, ’02, and MSIST, ’02, who played for Walter at GW in 2000 and 2001. “I remember once when a player was in trouble in his personal life. We were trying to find him and the coach asked a number of us to sit with him and wait for the guy,” said Cerullo, CEO of GameWear Inc. in Hoboken, N. J. “Ultimately the player was fine. When the coach talked about it the next day, he teared up. “I would imagine that the thing that gets people to choose to play at his school is the sense that Tom’s NOT THE FIRST TIME a good person who really cares Wake Forest University coach Tom Walter, right, visits Kevin Jordan one day Jordan’s kidney failure was not the after donating a kidney to the student athlete. about you,” Cerullo continued. “I first time Walter was faced with an think it comes across very quickly.” unexpected team drama. After he left GW, he coached five seasons Tony Dokoupil, BBA, ’03, played for the Colonials under Walter at the University of New Orleans. Walter hadn’t been at the job long from 2000-2003. He also noticed the way Walter relates to players. when Hurricane Katrina slammed into the city in August 2005. “On the whole, I think he’s a talented coach, not because he’s a “He’s fearless in the sense of adjusting to challenging situations. great on-the-field general but because he changes the feeling that The first thing he faced when he went to New Orleans was the flood people have as members of his team,” said Dokoupil, now a reporter in September 2005,” said Ed McKee, director of athletic alumni pro- for Newsweek magazine. “It’s hard to put your finger on how he does grams at GW and Walter’s friend of 20 years. that, but it’s palpable when you’re on a team he coaches.” The University of New Orleans was deluged, Walter’s wife and two Gregg Ritchie, the hitting coach for the Pittsburgh Pirates and forchildren were with her parents in Michigan and coach’s mer minor league baseball player, has known Walter since his days as house was under “at least eight feet” of water. GW’s head coach. “When I heard he was going to donate the kidney, (He was later forced to gut it and sell it at it didn’t surprise me,” Ritchie says. “I already loved the guy for who a significant loss.) But Walter’s focus he is, and I love him even more for what he did.” GW was on his players. Using his parents’

Photo by Steve Shutt, Wake Forest University Media Relations

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“I’m really thankful,” Jordan said at a press conference. “I don’t think I have the words for it in my vocabulary, but thankful as it gets.” Jordan recuperated at home in Columbus, Ga. He passed on additional media attention, but he and Walter texted frequently and talked by phone several times a week. Three weeks after the operation, Jordan was walking two miles a day. Although illness forced Jordan to withdraw from school after his first semester, and prevented him from playing his first college baseball season, his recuperation was designed to recapture lost ground. That included attendance at Wake Forest’s summer school. “We’ll get him with our strength coach and get back some of the [20 pounds] he lost,” Walter said. “He’ll be a fully participating member of our team by August.” Jordan’s goal is to regain the form that prompted the New York Yankees to select him in the 19th round of the baseball free-agent draft. Medical experts said healthy donors face little short-term or long-term risk, although they usually require pain medication for a few weeks after returning home, and their energy level stays below par for six to eight weeks. Walter was aware of this but, he said, with the support of his wife, son, daughter, baseball team, athletic director and his university, he wasn’t anxious about the operation.

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MAPPING THE ROAD TO RUIN

LESSONS FROM THE HOUSING COLLAPSE

Robert Van Order, a professor of finance, arrived at The George Washington University School of Business in August 2009 with extensive experience, impressive credentials and a daunting challenge. His mission? To discover why the U.S. housing market collapsed and what could be done to prevent it from happening again. Van Order was chief economist at Freddie Mac from 1987 to 2002. He taught at more than a half dozen universities, most recently the University of Michigan, and was sought after as a consultant to businesses, governments and international organizations. Heâ&#x20AC;&#x2122;s now the new director of GWSBâ&#x20AC;&#x2122;s Center for Real Estate and Urban Analysis.

Van Order, who also carries the title of Oliver T. Carr Professor of Real Estate, became the center’s first full-time director late last year and got the revived center off to a vigorous start. “We are becoming really good at fostering research and promoting discussions,” Van Order said. “We had a conference last spring on the credit crunch and another in January jointly with GW Law School on the Dodd-Frank financial reform bill. We are trying to capitalize on the School’s location in the nation’s capital and its mission to interpret and influence public policy.” Another conference, on commercial real estate, is scheduled for mid-May. Van Order would like the center to sponsor scholars-inresidence. “I’m hoping that as time goes on, we will be able to invite researchers from around the world to come in, spend some time with us and work with us,” he said.

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By Robert Preer

AT THE CORNER OF BUSINESS AND POLICY The center is preparing a series of reports on the Federal Housing Administration and its role in promoting a U.S. housing recovery. In its first report on the federal agency, issued in February, the center questioned the FHA’s current practice of insuring larger loans—up to $729,750 in some markets. The report, co-authored by Van Order and GW Center for Economic Research Director Anthony Yezer, points out that big loans are risky and a departure from the FHA’s original mission of assisting the poor and minorities. The report recommends that the FHA return to its role of helping first-time and low-to-moderate-income buyers and leave the risks that are associated with larger loans to the private sector. Van Order is now in the midst of another major research project with a goal of determining why so many mortgages in the United States went bad. He is analyzing data on thousands of mortgages issued around the United States before the financial crisis. His preliminary conclusion: Borrowers defaulted because their propPhotography: Julie Ann Woodford erty values collapsed.

Van Order even had his own first-hand experience with the housing debacle, relocating from recession-plagued Michigan a year into the crisis. “I had to sell a house for less than I paid for it three years earlier,” he said. “But I’ve owned other houses, and they mostly went up in value, so I can’t really complain.” At GWSB, Van Order analyzes the housing crisis and develops strategies to prevent future catastrophes at the research center that Dean Doug Guthrie has identified as key to the School’s mission of leading the conversation on business and public policy. “This is not a typical real estate center,” Guthrie said. “It is a real estate center that is engaged markedly with questions about business and society, and business and public policy. Our economy is shaped by real estate markets, both housing and commercial.” The School has a long tradition of approaching real estate as an essential component in the study of business. GWSB is the only school in metropolitan D.C. that offers real estate courses as part of an MBA program. Most other schools that teach advanced real estate offer a separate master’s degree in the field. The GW approach has won high praise from the real estate community. “I’d rather hire someone with an MBA than someone with a master’s in real estate because an MBA education provides the leadership qualities, critical thinking and versatility that are critical to success in real estate or any other industry,” said Jeffrey Berkes, executive vice president and chief investment officer at Federal Realty Investment Trust.

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“It didn’t matter what the mortgages were, whether they were sub-prime, riskier alternative loans or plain vanilla,” Van Order said. “They all had high default rates when property values fell.” The sharp decline in values was a consequence of the real estate bubble, which began to boil in 2003 and burst several years later, according to Van Order. The residential real estate bubble had many causes, he said, but “it clearly correlated with the rise of the sub-prime market.” Van Order’s work is supported by the center’s other staff member, Executive Director Robert J. Valero, who received his bachelor’s degree in public affairs from GW in 1982. Valero is former vice president of investor relations for the National Association of Real Estate Investment Trusts. He served on the center’s advisory board from 2007 until his appointment last fall. His new position with the center is funded with a generous contribution from GWSB alumnus Charles Bendit, BBA, ’75 (see story on page 20). Valero’s role is to develop and market the center’s brand to alumni, media and the real estate community in Washington, D.C., and around the country. He is creating programs to showcase research conducted at the center, enhance the curriculum and help students find internships and employment. “GW’s real estate program is positioned to be at the forefront of real estate research and education in this country,” Valero said. “Most of the major U.S. real estate associations have their headquarters in downtown Washington.” Commercial real estate will be the topic of the center’s May 17-18 conference, which is cosponsored by George Mason University and will be held on the GW campus. Topics to be covered include REITs, commercial mortgagebacked securities and the state of real estate markets in metro D.C and the Atlantic Coast region. The financial crisis dealt a blow to commercial real estate although the dynamics were different from what happened with housing. “In many ways, the problems with commercial real estate were more related to the downturn in the economy,” Van Order said. “Housing and especially the sub-prime mortgage market started to have problems before the economy did.” Continuing weakness in commercial real estate could affect lenders. “We don’t know how it will play out, but commercial real estate is putting banks, both big ones and little ones, at risk still,” Van Order said. VANTAGE POINTS The recent upheaval in real estate markets has been a tragedy for those who lost their homes, fortunes and livelihoods. But for Van Order, a real estate economist, it has also been a remarkable and even exciting time to be working. “I tell my friends, it’s more fun being on the outside looking in,” he said. A Chicago native who received his doctorate in economics from Johns Hopkins University, Van Order has had a long and varied career in real estate finance, with stints in

private industry, government and academia. “I’m sort of a utility infielder,” he said in a recent interview in his fifthfloor office in Funger Hall. “My parents often wondered when I was ever going to have a steady job.”

Van Order has taught at the University of Pennsylvania, UCLA, University of Southern California, American University, the University of Aberdeen in Scotland, Queen’s University in Canada, Purdue, Ohio State University and the University of Michigan’s Ross School of Business. He was an economist for the U.S. Department of Housing and Urban Development before beginning his 15-year career at Freddie Mac. He has done consulting for the U.S. Agency for International Development, U.S. Department of Housing and Urban Development, the World Bank and other agencies and corporations. He frequently consults on international mortgage markets. In recent years, he has worked in Latvia, Russia, Ghana, Nicaragua, Brazil, Egypt, Colombia, Poland and Pakistan. “Professor Van Order is a great leader for this center,” Guthrie said. “He brings deep experience in policy and economic analysis from within the government and from an academic perspective. He’s the perfect person to build this center.” Guthrie said Van Order’s blend of practical experience and research skills will propel the center forward in the months and years ahead. The center’s focus will encompass urban development as well as real estate. “Washington, D.C., is the perfect place to build a broadly defined real estate program—not just because Washington, D.C., is the heart of public policy, but also because we want to explore and influence regional economic development in the area,” Guthrie said. Van Order’s research indicates that ideologues on the left and right both concocted explanations for the credit crisis to advance their agendas. Senate Minority Leader Mitch McConnell, a Kentucky Republican, has repeatedly blamed mortgage giants Fannie Mae and Freddie Mac for causing the crisis by trying to promote low-income housing. “That just doesn’t fit the data,” Van Order said. “Fannie and Freddie did get into trouble, but it was not because of low-income lending.” In his research with Jason Thomas, a doctoral student in the Department of Finance, Van Order determined that Fannie and Freddie had no substantial involvement with the sub-prime market, which was the most important underlying cause of the crisis. The two mortgage enterprises got into hot water by investing in what are known as “Alt-A” mortgages, which are less risky than sub-prime but not as safe as conventional loans, Van Order and Thomas found. “They were not the victims of housing policy,” the researchers say in a forthcoming paper. “Their goals explain a small share of their risk-taking. The ramping up of credit risk was especially in Alt-A lending, and it was based on business decisions, most likely regarding market share.”

Liberals, meanwhile, blame deregulation, saying it allowed the growth of too-big-to-fail financial institutions. Former House Speaker Nancy Pelosi, a California Democrat, said in late 2008 that “the Bush Administration’s eight long years of failed deregulation policies have resulted in our nation’s largest bailout ever, leaving the American taxpayers on the hook potentially for billions of dollars.” Deregulation and the fact that some financial institutions grew too big to fail do not explain the crisis either, according to Van Order. “A whole range of institutions, big and little, were involved,” he said. Still Van Order believes that the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law in July 2010 as the government’s policy response to the crisis, may help prevent future crises through strategically positioned and applied regulation of financial institutions. The law established a Financial Stability Oversight Council to identify threats to the overall financial system. The council includes the Federal Reserve chair, treasury secretary and heads of the major financial regulatory agencies. Dodd-Frank also set up procedures to be followed when big financial institutions get into trouble. The Federal Deposit Insurance Corp., in consultation with the Federal Reserve System, is authorized to take control of failing institutions and wind them down in much the same way it does with faltering commercial banks. “The law is moving in the right direction,” Van Order said. “It appears that the Fed and regulators in general will have broader powers that are not limited to specific institutions.” But Van Order could not say for sure that the financial reform law will prevent future crises. “We don’t really know what the institutional structure of the financial system will be 20 or 30 years from now,” he noted. “It turned out to be rather different this time than it was 30 years earlier.” Van Order described the housing bubble as “a regional issue” in many ways. “The places that really got clobbered—parts of California, Nevada, Arizona, Florida— won’t come back very quickly,” he predicted. “They were just too overbuilt.” But he predicted that conditions will gradually improve in much of the rest of the country. “The underlying demographics require production, maybe something close to a million and a half units a year,” he said. “Household formation is growing. Population is growing at about one percent a year, and old houses wear out. We won’t see a boom, but in a couple of years most parts of the country will have had sufficiently low levels of housing production that they may start heading back to normal.” GW

The financial crisis dealt a blow to commercial real estate although the dynamics were different from what happened with housing.

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Charlie Bendit Crazy, Gutsy,

Visionary

By Francis X. Donnelly Photography: Ben Solomon

efore the Chelsea neighborhood of New York City sprouted chi-chi shops, restaurants and art galleries, it had hulking dinosaurs like the old Port Authority freight-handling warehouse. While others saw a relic from the past in 1998, GWSB alumnus Charlie Bendit, BBA, ’75, spied a portal to the future. The 8th Avenue structure between 15th and 16th streets was close to public transportation. It had large floor plans, which are rare in the city. It nearly sat atop a major optical-fiber switching network, which could be used by telecommunication firms. In January, Bendit’s prescience paid off. He and his business partner, along with two other entities, sold the building for $1.6 billion. The buyer? Some upstart named Google, which will use it as its New York headquarters. The blockbuster deal, which involved one of New York’s largest office buildings, was one of the biggest real estate transactions in the city over the last few years. “If you work hard, good things will happen,” said Bendit. “That’s all I knew. That’s what I had always been told. That lesson has paid off many times over.” For Bendit, it was just the latest in a string of real estate victories that have spanned 35 years. They range from Washington to Chicago to Atlanta. Most occurred in New York City, one of the toughest real estate markets in the world. He and partner Paul Pariser, who formed Taconic Investment Partners in 1997, have developed 12 million square feet of office buildings and 3,000 residential units ranging from luxury to middle-class living spaces. Even the steely-eyed New York media have praised the company. “I’ve never seen a real estate developer do so much to improve a housing complex,” a New York Daily News reporter wrote about a Bronx apartment building renovated by Taconic in

2008. “Eastchester Heights sets the bar for future investors purchasing distressed urban properties.” When not developing properties, Bendit helps develop minds. In New York City, he was a special adviser to the Superintendent of Schools and still serves on the boards of several programs that help public school students. At GWSB, he is a founding member of the advisory board of GWSB’s Center for Real Estate and Urban Analysis. In November, he made a major financial gift in support of the center. And he is a regent of the New York State Board of Education, which oversees every public school in the state. “I talked to my family and partner about it,” he said about becoming a regent in 2007. “I knew it would be time consuming. But if I really wanted to make a difference in public education, I had to go right to the top.” FROM PREMED TO BUSINESS At GW, Bendit began as a premed student but discovered what he really liked was business. After switching majors in his sophomore year, his interest in business was nurtured by several teachers, including Fred Amling, a professor of finance who is now retired. Amling remembers Bendit as a quick study.

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of the maddeningly frustrating game, said Potkin. “He was a little more studious and hardworking than some of us,” said Potkin. “He was focused but also friendly. He wasn’t the type that was so intense he was about to go off the handle.” As soon as he graduated from GWSB, Bendit wanted to become a developer. That was where the action was, he said. But he got a rude introduction to his chosen profession when his father introduced him to one of his clients, the owner of a 300-unit apartment building for sale in Newark, N.J. During an inspection of the complex, the owner brought along his two German shepherds. “Why do you have the dogs?” asked Bendit. “You’ll see,” said the owner.

“He had the desire, dedication and discipline to succeed,” said Amling. “Charlie is an outstanding example of undergraduate students who rise to the top of their profession.” Bendit was more driven than other students, said classmates. While his friends repaired to the pub, he was studying at the library. The son of an attorney, Bendit worked his way through school. One year, to offset his rent, he painted the Arlington home where he and several students were living, said classmate Lane Potkin. Potkin, a Washington real estate attorney who has remained friends with Bendit, marvels at his buddy’s tenacity. Bendit began playing golf several years ago and already has a firm grip

This model of 111 Eighth Avenue depicts one of the world’s most wired buildings. Built as the Port Authority Commerce Building in 1932, it was redeveloped for telecom use by Taconic in the late ’90s. Last January, it fetched a tidy $1.6 billion in a sale to Google.

They proceeded to go from apartment to apartment, collecting rent. As they did, Bendit witnessed various scenes of domestic discord, which weren’t ameliorated by a landlord seeking money. Bendit, who grew up in the well-heeled suburbs of Livingston, N.J., wondered what he was getting himself into. Another challenge facing Bendit was the economy. He had graduated into a recession, which included an oil embargo. “I didn’t understand the implications,” he said about the downturn occurring just as he was entering the job market. “I thought it was just tough to get a job. I didn’t realize the reason.” To overcome his lack of experience and the tough financial times, Bendit rolled up his shirtsleeves. Signing on with a New Jersey developer, he worked seven days a week for two years. If you persevere, you will eventually succeed, he said. He learned that from his role model, his father. In 1980, Bendit joined Jones Lang Wootton, one of the biggest real estate firms in the world. The next year, the company was interested in expanding to Washington. Bendit had gone to school there so the firm volunteered him for the job. Bendit quickly immersed himself in Washington’s emerging office market by snapping up 10 buildings.

Later, he did the same thing in Toronto, setting up regional offices in that city and Washington. He logged 700,000 frequent flyer miles for the company. He liked the challenge of blazing the firm’s trail in new cities. Pariser, who worked with Bendit at Jones Lang Wootton, said his future partner had the ability to focus on details like a laser beam. “That’s one of his core skills,” said Pariser. “He has a remarkable stick-to-it-ness.” Bendit eventually became managing director of the company, responsible for property acquisitions, sales and financing for international clients. In 1993, Bendit realized the dream of being his own boss. He founded CBC Properties, which worked with investors to buy office and apartment buildings in New Jersey and Washington. But, just as the economy had tumbled upon his graduation, the financial landscape was bleak again in the early 1990s. The real estate market was depressed. Savings and loans associations had collapsed. No capital was available for investment. Why would Bendit pick such a perilous time to step out on his own? First, he believed that a market that had dropped so precipitously would eventually bounce back just as dramatically. He wanted to be there when it happened. Second, he believed in himself.

“I knew I didn’t have much money,” he said. “But money is always looking for smart operators.” Also, Bendit was 39. If he was ever going to set up his own shop, this seemed like the time to do it, he said. He would rather try and fail than never try at all. He didn’t want to look back and regret the move he never made. He knew success wouldn’t come overnight so he gave himself a few years to make a go of it. His firm eventually developed 1 million square feet of office space in New York and Washington and several hundred apartments in the New York metro area. Besides the financial success, Bendit loved working for himself. “I was always the kind of person to take on big challenges,” he said. “I also didn’t like being told what to do. I didn’t play well with authority.” CRAZINESS, GUTS AND VISION Bendit’s biggest successes were yet to come. He and Pariser, who also left Jones Lang Wootton, formed Taconic Investment in 1997. Even before January’s blockbuster deal with Google, they had a reputation for spotting buildings and neighborhoods that were ripe for improvement and then making things happen. Their fledgling partnership didn’t have the deep pockets of other companies so they had to be more creative. As a result, where other developers saw apartments and office buildings in neglected neighborhoods, Bendit and Pariser searched for amenities that could transform an area. Those amenities

BANK NOTES TO BUSINESS INCUBATOR— BRONX TRANSFORMATION

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something it never had—a thriving office park. And a thriving office park could help revitalize the rest of the neighborhood, he explained. More people visiting the area daily it would encourage the opening of shops and restaurants. “More people means good things start to happen,” Bendit said. “There’s more safety, investment.” In November, The BankNote became home to a New York City business incubator designed to encourage startup businesses by allowing entrepreneurs to rent a desk and phone and use a copy machine and other tools of a fledgling business. It was the sixth business incubator in the city, but the first in the Bronx. It might never have come to the once-ravaged area if not for its newly spruced-up home.

Estate Services of New York. In 2007, they plunked down $32 million for the property. They spent another $40 million to renovate it. The idea, Bendit said, was to create an office building that would attract tenants who couldn’t afford a Manhattan address. “We’ve always tried to buy good real estate that can make a significant impact on an area,” he said. The developers installed bathrooms and elevators. They renamed the building The BankNote and replaced 400 windows and 50,000 square feet of skylights that had been painted over. When finished, soaring windows offered a view of the Manhattan skyline and allowed light to flood into the building’s loft-like spaces. By attracting more tenants, said Bendit, the building could give this section of the South Bronx

ew York City’s South Bronx is an unlikely setting for a success story, especially in the form of a nearly century-old factory. But that’s what the American Bank Note building has become, with an assist by Charlie Bendit, BBA, ’75. Beginning in 1911 and for more than 70 years, the presses inside the building printed U.S. and foreign currency and securities. By the time the company left in 1985, the building’s moneymaking ways seemed to be behind it. Its brickwork began to crumble and only half of its 420,000 square feet was occupied. The building’s saviors arrived in the form of Bendit, his partner in Taconic Investment Paul Pariser and another firm, Denham Wolf Real

ranged from proximity to public transportation to budding interest in a neighborhood by residents or businesses. “You have to be crazy and have a lot of guts,” said Bendit. “You have to have a little vision and hope and take a leap of faith.” To make the deals work, Bendit relied on a career full of contacts with financial and institutional people. He also did his homework. Among developers, he’s known for his tenacity and ability to close a deal. To invest his money in places where other developers wouldn’t, Bendit had to believe in himself and his vision. “When things look bleak, that’s when you have to work even tougher,” he said. “You’re seeing light at the end of the tunnel [but] making sure the light wasn’t a train coming.” Taconic’s leap of faith has paid off repeatedly. The company renovated two large residential complexes in Brooklyn and the Bronx, 3 million square feet of offices in Manhattan’s Meatpacking District and the luxury high-rise Caledonia condo and rental development along the High Line Park in Manhattan. After buying a building at 450 Park Avenue in Manhattan for $200 million, Taconic later sold it for $500 million. In the Coney Island section of Brooklyn, the company wants to build luxury housing on eight acres. With access to the subway, residents would be able to live on the beach and still commute to work in Manhattan. It’s a chance for Bendit and Taconic to take a once-forsaken spot and turn it into something special, a community. GW

BEST PRACTICES

Motivating the Middle

has studied motivation for decades and he has found that pay only motivates in the short term. This is consistent with the findings of pioneering motivational researcher Fredrick Herzberg. Higher pay or improved working conditions do not bring long-term behavioral changes in employees. Individuals only stay motivated when they can develop themselves, receive desired recognition and learn new skills. The focus, therefore, must be on long-term factors that improve motivation. A growing stream of research supports the notion that learning is a key factor in motivation. Studies show that even when individuals are paid more for completing work, He tried motivational techniques he heard about at semi- they may be less motivated if their work is considered unimnars. By his own admission, they seemed like silly tricks portant by others, or if the work is intrinsically unfulfilling. better fit for Michael Scott, the awkward manager from Reflecting back at mid-career, one of my former students the TV show “The Office.” Bill is representative of many recalled when he was fully engaged in his work: when was managers who begin with enthusiasm but find themselves learning a new procedure, during medical school and his frustrated by employees who lack their drive and ambition. residency when his profession held mystery and when he In work with hundreds of leaders over the past decade, was teaching young residents how to be more effective. In my colleagues and I have witnessed countless people like other words, he was most motivated when he was learning Bill. The challenges middle managers face are not exclusive or helping someone else learn. to one industry; nonprofits, government and private indusLearning builds confidence by improving one’s selftry share them. esteem. Confidence and self-esteem allow individuals How do managers like Bill motivate employees neither at to explore new ideas, take small but important risks and the top nor bottom of the organization, but in the middle? develop new strategies for problem solving. Learning also has a physiological effect as it makes new connections in DON’T RELY ON EXTERNAL REWARDS the brain. The challenge for managers is to identify the The “don’t focus on pay” advice seems counterintuitive. activities that stretch employees in the middle to learn at Organizations spend milthe same time the managers lions of dollars each year to avoid assigning tasks that are enhance their compensation too difficult or likely to result systems. Programs that tie pay in failure. Dean’s Research Scholar and to organizational outcomes, Associate Professor of Management Managers like Bill quickly such as pay-for-performance learn that not all employees Author of Destructive Goal Pursuit: and Balance Score Card, have are motivated by the same facThe Mount Everest Disaster and the proliferated—and for good tors. Our research and experireason. Pay incentives moti- forthcoming books, Learning Directed ence with managers reveal five vate people. distinct, but related, learningLeadership and Contemporary But Eric Winslow, a profesdirected activities that motiOrganizational Behavior in Action. sor of management at GWSB, vate people.

Bill, a newly minted MBA, is quickly learning the challenges of motivating the six employees who report to him. High-achieving Bill has discovered that not all employees share his enthusiasm about growing the consulting business he now leads.

By D. Christopher Kayes

Photography: Abby Greenawalt

• Achievement-oriented activities require making a unique contribution. They include activities such as creating a way of looking at a problem, launching a new project or generating new ideas. • Team-oriented activities involve working with people, learning from others and contributing to the larger organization. • Affiliation-directed motivation may lead individuals to more fully consider their contribution to the larger organization. • Goal-directed activities are most closely linked with direct incentives for performance. Goal setting focuses individuals on specific skills and areas for improvement. Motivating activities include improving performance, learning a new skill or targeting specific behaviors. • Power-directed activities increase an individual’s span of control, letting them gather more resources and wield influence over others’ work.

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PUTTING MOTIVATION INTO ACTION GW professors worked with a major custodial bank that sought to attract, motivate and retain middle managers. Collaborating with one of the bank’s leadership teams, we devised a program that built on existing strengths of both the organization and the employees. That program: • built on the organization’s overall incentive and retention strategy and how a particular department could contribute to the larger organization. • created an understanding of basic human motivation in identifying the needs and concerns of employees. A personalized development and retention plan was devised for each employee. Managers learned to understand the one-of-akind motivational profile of each person who directly reported to them. • helped managers work with one another to improve systems that boost employee motivation and engagement. A sustained and comprehensive effort, not a one-shot speech, incentive or pat on the back, is required to motivate employees. Bill, our fictional manager, can begin to motivate by offering his employees an opportunity to take on challenging and exciting assignments, addressing their individual motivational profiles and building an organizational culture that values learning.

GWSB Alumni Profile: Shonodeep Modak DEGREES: Mississippi State University, Dave C. Swalm School of Chemical Engineering, BS, ’00; GWSB, MBA, ’07 CURRENT POSITION: Market development manager in GE Energy’s Jenbacher gas engine division, responsible for driving growth in new energy-generation markets, focusing on landfill gas-to-energy, animal waste-to-energy, combined heat and power, and zero-emission waste-heat recovery projects. FIRST JOB: I actually started as an entrepreneur with my own car wash service when I was 15. After college, I joined ExxonMobil as an account executive in the industrial fluids division, where I helped develop Mobil 1 Advanced Fuel Economy, a fully synthetic, high-performance motor oil.

BEST B-SCHOOL MEMORY: Going to the U.K. with Dr. Jennifer Griffin’s corporate social responsibility (CSR) class. We met with representatives of several large companies in London, giving me new perspective on business strategy. HOW GWSB LED TO YOUR CAREER: The international marketing and CSR classes were extremely influential in giving me a less myopic view of business strategy and helping reset my personal career goals. GOAL: To lead a GE Energy business in an emerging or developing country. RECENT READING: I have not had a chance to read much recently, with the exception of industry trade magazines and 900-page clean energy and tax bills.

BIGGEST CHALLENGE: Making the difficult decision to leave ExxonMobil, which meant leaving the wonderful D.C. metro area and saying goodbye to all the great friends I made at GW.

PERSONAL: Lives in Atlanta with wife, Gayatree, and baby son, Kartik. Volunteers for the United Way and enjoys taking Kartik for a stroll in nearby Piedmont Park “when Atlanta is not iced over.”

GWSB Joins Financial Reform Debate Business executives, scholars, financial regulators and legislators tor at Bank of America Merrill Lynch Global Markets; Lynn Turner, came together at GW to debate the potential impact of the most with the consulting firm LECG; and Gary Gensler, chairman of the sweeping U.S. financial regulatory reform in 80 years. U.S. Commodity Futures Trading Commission. The symposium, “The Shape of Things to Come: The Financial Dodd ended the meeting with a call to action, urging students Regulatory Landscape in the Post Dodd-Frank Era,” was sponto consider careers in the public sector. “If you don’t have good, sored by GWSB’s Center for Real Estate and Urban Analysis and talented people in place, then I think our country suffers,” he said. GW’s Center for Law, Economics & Finance. It featured a roster of high-profile speakers, including former U.S. Sen. Christopher Dodd, one of the authors of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Dean Doug Guthrie said the discussion underscored the School’s role at the “center of conversations about business and politics, business and policy.” The GW School of Business has one of the top MBA programs in “You want a robust financial services sector that is out there the world, according to The Economist, which ranked the program being creative, being innovative, driving growth and powering 38th among North American schools in 2010. the economy,” said Dodd, “Recognition of the who worked with U.S. Rep. GW School of BusiBarney Frank of Massachuness as one of the best setts on the broadest finanin the world shows cial market reform since the once again we are preGreat Depression. paring a generation of The discussion addressed students to lead in the how Dodd-Frank would global economy,” said Dean Doug Guthrie. affect banks’ capitaliza“This ranking among our international and U.S. peers valition, coordinate with new dates our efforts to strengthen our global MBA curriculum,” Basel III accounting stansaid Murat Tarimcilar, vice dean of programs and education. dards and discourage the “Our alumni and students have a passion for changing the existence of massive finanworld.” cial institutions viewed as The Economist also rated GWSB as No. 1 in the world for “too big to fail.” Panelists diversity of recruiters, sixth for the breadth of its alumni netincluded Goldman Sachs work, 17th for student diversity and 73rd in overall rankings. adviser Stephen LabaThe Economist evaluations are based on a survey of 132 ton; Donald Kohn of the leading business schools around the world with input from Brookings Institution; Chischools, students and alumni. The full rankings are found at: cago Mercantile Exchange www.economist.com/business-education/. Clearing House Division President Kim Taylor; Rob- Former U.S. Sen. Chris Dodd discusses the measure ert Burke, managing direc- he helped draft.

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Gregory Campbell

The Economist Gives GWSB High Rankings

GWSB Names New Deans

Colgate-Palmolive’s President and CEO Ian Cook

Maxon Lecture: Global Perspective = Business Success

Successful businesses understand that markets are global. They take culture into consideration while maintaining a unified message about the company, Colgate-Palmolive’s President and CEO Ian Cook told a packed audience at GWSB’s annual Robert P. Maxon Lecture. Cook said Colgate-Palmolive had a simple approach: an emphasis on the company’s four product areas—oral care, personal care, pet care and home care—and a single global message that took into account local preferences. For example, he said, the company markets toothpaste containing salt in India, where salt is often used as a remedy for bleeding gums. Cook also discussed the company’s focus on sustainability, ethical standards and corporate social responsibility. He pointed to programs such as the “Bright Smiles, Bright Futures” initiative that features dental screenings and education outreach to 500 million children in more 80 countries. In the United States, the program includes in-school curriculum, mobile dental vans and community awareness events in underserved communities. Cook, whose son Andrew received his BBA from GWSB in 2010, advised students to live and work in other countries, “Get outside yourself, your country and your culture,” he said. The Maxon Lecture, sponsored by GWSB’s Institute for Corporate Responsibility, is named for GW alumnus Robert P. Maxon, BA, ’48. The annual lecture features prominent executives and academics speaking about contemporary global management issues.

GWSB has named Murat Tarimcilar vice dean of programs and education and Sok-Hyon Kang vice dean of faculty and research to strengthen and focus academics and research. Associate Professor of International Business Liesl Riddle has been named associate dean of MBA programs. “Murat Tarimcilar will drive our educational mission and develop cutting-edge programs that provide students with leadership skills, real-world experiences and rigorous classroom learning. And Sok-Hyon Kang will steward the School’s vision and standards of excellence for research and faculty,” said Dean Doug Guthrie. “Liesl Riddle’s international and research expertise make her an outstanding choice to lead our graduate programs.” Tarimcilar is a professor of decision sciences and an expert in multi-criteria decision models. He holds a PhD in Business Administration and Quantitative Business Sok-Hyon Kang and Murat Tarimcilar Analysis and an MS in Quantitative Analysis/Operations Research from Louisiana State University. He earned a BS in Industrial Engineering from Bogazici University in Turkey. In addition to guiding faculty development and research, Kang, a professor of accountancy, will coordinate the School’s centers, institutes and programs. His research includes financial reporting, earnings management, executive compensation and security markets. Kang earned his PhD from MIT’s Sloan School of Management. At the Anderson School of Management at UCLA, where he received his MBA, he was an Edward W. Carter Fellow. He holds a BS in Mechanical Engineering from Seoul National University. Riddle is an expert in diaspora homeland investment, national trade and investment promotion, cross-cultural management, international marketing and the Middle East and North Africa. In addition to her role at GWSB, she is director of the Diasporas, Policy

and Development Research Program at the Institute for Global Studies in the Elliott School of International Affairs. She holds a PhD in Sociology from the University of Texas at Austin, where she also earned her MBA, MA and BA.

James Bailey

GWSB Launches World EMBA GWSB Distinguished Alumni Achievement Award winners (left to right) are Victoria P. Lazzell, Burlie A. Brunson, Beverly A. Bogerty and Tom di Galoma.

Distinguished Alumni Are Honored

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More than 100 alumni traveled to the 2010 GWSB Graduate Programs Reunion to honor alumni who exemplify the School’s motto: Act responsibly, lead passionately and think globally. Dean Doug Guthrie gave the School’s highest honors to Tom di Galoma, MBA, ’85, senior managing director and head of the U.S. Fixed Income Rates Trading Group at Guggenheim Partners; Vicky Lazzell, MBA,’80, senior vice president at Boston Private Bank & Trust Co.; Beverly Bogerty, MTA, ’00, owner of Occasions Inc.; and Burlie Brunson, EMBA, ’95, vice president of programs, plans and analysis for Lockheed Martin Corporate Strategy and Business Development.

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The GW School of Business recently unveiled a cutting-edge World Executive MBA for busy professionals who want a customized program marked by international residencies and rigorous classroom learning. “Our mission is to give executives the tools they need to become responsible business leaders in the global economy,” said Doug Guthrie, GWSB dean and professor of international business and management. Themes of the program’s core curriculum include ethical leadership, understanding the global economy and mastering business functions. Students complete coursework in 16 months. “In my 20 years of working with executives, I can confidently say that this is the best program out there, ” said James Bailey, Ave Tucker Professor of Leadership and director of the World EMBA program. “It’s a rigorous program designed to lift executives to the next level of leadership.” Highlights of the program include: • nine sessions with a professional coach. • a team consulting practicum. • a mentored business challenge. “It’s structured around four residencies—two domestic and two international—and courses that meet every other week for 16 months, allowing busy executives to fit it into their hectic schedules,” Bailey explained.

What Motivates Diaspora Community Investment?

African emigrants who invest in their home countries are motivated by complex factors, according to a study by Liesl Riddle, GWSB associate professor of international business and research fellow at GWSB’s Center for International Business Education and Research (GW-CIBER). Riddle’s conclusions stem from a survey of participants in the African Diaspora Marketplace (ADM), a business-plan competition supported by USAID and Western Union. In 2010, ADM awarded 14 businesses matching grants of up to $100,000 each. The initiatives included a goat farm in Ghana, a biotechnology firm in Ethiopia, a food-processing company in Nigeria and a Ugandan fast-ferry system serving the three countries banking Lake Victoria. “This is a great development opportunity for Africa to match innovative entrepreneurial ideas and talent with much-needed funding,” said Riddle. The survey found that diaspora investment is driven by multiple factors, including family concerns, and expectations of financial, social and political gains. Three-fifths of the respondents send more than $5,000 to their home countries annually. And more than a third of survey respondents earn a large proportion of their income from investments.

Liesl Riddle

Panelists at CLAI event addressed cross-border security.

Experts Address U.S.-Mexico Security Strategies A former Mexican government minister and an official from the Narcotics Affairs Section of the U.S. Embassy in Mexico addressed security strategies for Mexico and the United States during a highprofile conference sponsored by GWSB’s Center for Latin American Issues (CLAI) and the Strategic Studies Institute of the U.S. Army War College. Violent drug gangs and other criminal organizations in Mexico threaten the safety and security of people on both sides of the border, experts told the more than 100 policy professionals, academics, government and diplomatic officials, students and business executives. Luis Estrada, a former spokesman for Mexico’s Ministry of Government, detailed the growth of criminal organizations in Mexico and discussed new laws aimed at organized crime. Jorgan Andrews, deputy director of the Narcotics Affairs Section of the U.S. Embassy in Mexico, explained steps the United States and Mexico have taken to improve security and reduce demand for illegal drugs. Max Manwaring, professor of military strategy for the Strategic Studies Institute, moderated the discussion.

Conference Examines Social Media Strategy The world is about connections. That’s what Adam Conner, associate manager for privacy and global public policy at Facebook, told an audience at the “Social Graph” conference hosted by GWSB and L2, a think tank on digital innovation. Conner joined speakers from NASA, the U.S. Navy, The Nature Conservancy and other organizations to discuss the public sector’s use of social media in marketing. Conner told participants at the Jan. 20 event that success came from organizing around people, and that federal agencies still have work to do on that front. The experts looked at whether technology affects how people acquire and share information. Among their findings: • Within three years, more people will surf the Web on mobile devices than on computers. • For people under age 40, nearly half of all media consumption takes place online. • Facebook claims 10 percent of the Internet, nearly outpacing search engines such as Google as the most active site online.

“Social media is the equivalent of skinny jeans. Spend on it, and it’ll make you look younger,” said Scott Galloway, the founder of L2. Late last year, GWSB and L2 ranked the “Digital IQ” of 100 public-sector entities. NASA, which emerged as the most digital-savvy among them, has more than 200 social media accounts, seven apps for mobile phones and a host of other social media tools, according to NASA Social Media Manager Stephanie Schierholz. Rounding out the Top 10 organizations in the social media-savvy list were: The White House, PETA, the U.S. Army, the Democratic National Committee, World Wildlife Fund, the Republican National Committee, The Nature Conservancy, AARP and the U.S. Department of State.

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GWSB Helps Beautify National Mall

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L2 founder Scott Galloway

Faculty, students and alumni from the Department of Tourism and Hospitality Management joined graduate student organization Tourism for Tomorrow in a September beautification project on the National Mall. The GWSB community worked alongside Tourism Cares, a nonprofit tourism group, to form a 250-member team. The volunteers also donated $20,000 to the National September 11th Memorial and Museum.

Student’s Goal: Rebuild Haiti

Last year’s catastrophic earthquake that killed hundreds of thousands and left more than a million homeless may prove to be the defining moment for a generation of young Haitians, among them Karl Delatour. Delatour, a freshman at GWSB, also his mother’s alma mater, brings an unusual perspective on Haiti’s recovery and future. His mother, Elisabeth Préval, MBA, ’88, is Haiti’s first lady. Delatour’s father Leslie, who died of cancer in 2001, came from a family with a long history of public ser- Karl Delatour vice and served as Haiti’s finance minister in the late 1980s and, later, as governor of the Bank of Haiti. Conscious of his family legacy, Delatour came to GWSB with a clear mission: to gain the tools he needs to rebuild his country’s business sector. His mother directed him toward politics “but I wanted to rebuild,” he said. He’s not alone. Many young Haitians are accepting responsibility for the country’s next chapter. “Even in the nightclubs, they’ll stop the music for a minute and remind us that we have to work for our future,” Delatour said. But the heavy lifting may fall to the small minority who are able to obtain a college education. The earthquake’s devastation in Haiti was made more acute by generations of poverty. Delatour acknowledged that foreign aid is necessary for the short term, but he rejected long-term aid as a sustainable development model for the poorest nation in the Western Hemisphere. Delatour was a year away from high school graduation, focused on college applications, when Jan. 12, 2010, went into the history books. Late that Tuesday night, the 7.0 magnitude quake hit, followed by dozens of powerful aftershocks.

He’s not alone. Many young Haitians are accepting responsibility for the country’s next chapter. Now physically distant from Haiti, Delatour follows developments via radio, the Internet and in phone calls with his mother. He chose Washington for his studies because “there was no better place to learn to understand policy, crisis management and disaster management.” And he takes heart from an unusual place: China. “My mother always told me that when she was young, they told her to pray for the Chinese living in poverty,” Delatour said. “Now look at China and its tremendous turnaround.”

GWSB Earns Accolades from QS TopMBA Website QS TopMBA has ranked the GW School of Business as 15th worldwide for its focus on ethics and corporate social responsibility. The results were based on a survey of 5,007 employers, of which 2,157 were actively recruiting MBAs and 2,850 were recruiting undergraduate or master’s students. The site ranked GWSB 47th overall among business schools in North America. For details, visit http://www. topmba.com/mba-rankings/top-business-schools-report-2010/ specializations/csr-business-ethics.

Unions and Management Talk to Students Capt. Wendy Morse, chairman of the United Master Executive Council of the Air Line Pilots Association, joined Glenn Tilton, chairman of United Continental Holdings’ board of directors, in addressing students last fall in a labor relations class taught by Patrick McHugh, associate professor of management. The speakers discussed the labor-management challenges arising from industry volatility, a failed employee-stock-ownership plan, financial and operational restructuring and large-scale mergers. “It was great for students to see labor and management leaders sitting next to each other sharing insights and experiences,” said McHugh. Tilton served as chairman, president and CEO of United Airlines, guiding the company though its merger with Continental Airlines. Morse has held several positions with the Air Line Pilots Association and is the first woman elected chair of the Master Executive Council. Her son, William Morse, is a Master of Tourism Administration student at GWSB.

Seminar Addresses Mideast Uprisings

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Five GWSB professors came together in early February for a timely discussion of the political unrest in Egypt and the economic implications of the country’s revolution. Salah Hassan, chair and professor in the Department of Marketing, joined Paul Reynolds, Howard Hoffman Distinguished Visiting Scholar of Management and Entrepreneurship; George T. Solomon, associate professor of management; Ayman El Tarabishy, director of the International Council for Small Business and assistant research professor of Salah Hassan management; and Paul M. Swiercz, professor of management, at the Feb. 8 seminar. Hassan opened the event with sobering statistics. He cited a 25 percent unemployment rate in Egypt and noted that a big portion of the jobless were age 25 or under. He said young Egyptians were a catalyst for opposition to the Mubarak government. “The business model of managing government enterprise in Egypt collapsed,” Hassan said. “It defied the myth of Egypt as the most stable government in the Middle East.” Reynolds discussed Egyptian entrepreneurship and noted that many women are excluded from business, and, thus entrepreneurship. This creates a critical problem, according to Solomon, who deemed youth and women vital for entrepreneurship. “Youth unemployment and the frustration of the young in Egypt is the elephant in the room,” El Tarabishy said.

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Wendy Morse and Glenn Tilton shared perspectives on labormanagement relations.

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Former Olympic Gymnast Speaks at GW

When the secretary of the U.S. Department of Health and Human Services joined an all-star panel of athletes at GW last fall, the message was simple: Get moving. Thanks to the work of MBA student Christopher M. Watts, the President’s Council on Fitness, Sports and Nutrition (PCFSN) held its inaugural meeting on cam- Former Olympic gymnast Dominique Dawes pus. Watts is enrolled speaks at GW. in GWSB’s Accelerated MBA program in sport management. During his first year, he took the class “Impacts of the 2010 World Cup in South Africa” with Lisa Delpy Neirotti, professor of tourism and hospitality management. Delpy Neirotti helped Watts secure a position as graduate fellow with the PCFSN. Shellie Pfohl, PCFSN executive director, and former Olympic athlete Dominique Dawes, co-chair of the PCFSN, led the meeting. Speakers included Robin Schepper, executive director of Let’s Move!, first lady Michelle Obama’s program to reduce childhood obesity; Kathleen Sebelius, secretary of the U.S. Department of Health and Human Services; award-winning chef Dan Barber; NASCAR’s Carl Edwards; NBA players Grant Hill and Chris Paul; retired MLB player Curtis Pride; Cornell McClellan, a personal trainer for the Obamas; and former Olympians Allyson Felix and Michelle Kwan. “The GW MBA program initially appealed to me because of its focus on social responsibility and sustainability,” Watts said. “Since entering the MBA program at GW I have been exposed to more opportunities and experiences than I thought possible.”

Accountancy Department Wins Accolades The Accounting Review ranked the GWSB Department of Accountancy 14th among 130 institutions worldwide last November. The ranking is based on the number of articles the review published from scholars at various academic institutions. The Accounting Review is the association’s flagship journal and widely regarded as one of the most prestigious in accounting. Separately, “Candidate Performance on the Uniform CPA Examination: 2010 Edition” recognized GWSB for the outstanding performance of its students on the 2009 CPA Examination. GWSB’s program was ranked among the top 25 schools.

HP’s Engelina Jaspers (right) speaks with MBA student Casey Pierzchala.

HP Exec: Sustainability Reaps Rewards Sustainability equals profitability. That was the message Engelina Jaspers, vice president of environmental sustainability for Hewlett-Packard Co. (HP), gave students at an event sponsored by the GWSB Department of Strategic Management and Public Policy and the GW Institute for Sustainability Research, Education and Policy. Jaspers, who has a sustainability marketing and communications background, detailed her company’s policies on recycling and reduced greenhouse gases, referring to the effort as “a thousand points of green.” Last year, Newsweek gave HP the highest “green” score among 500 major U.S. corporations.

ICR and Ford Motor Team Up on Project Ford Motor Co. is tapping the GWSB Institute for Corporate Responsibility (ICR) for help in developing a corporate ethics strategy to ensure high standards on human rights within the automaker’s supply chain. “As strategic sourcing has become a priority issue for corporations, concerns over fresh water and also raw materials from conflict regions should be addressed collaboratively by govern- John Forrer ments, corporations, international organizations and society,” said ICR Associate Director John Forrer. “Our research will help Ford understand the strategies, policies and practices it takes to be a trusted corporate partner operating in a complex global market.” Ford officials said the collaboration will gain importance as the auto company continues its worldwide expansion. “We’re the only company in our industry that publicly reports a human rights code,” said David Berdish, manager of social sustainability for Ford.

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Being right may not be all it’s cracked up to be. In fact, mistakes can open the door to better leadership and even stronger successes, according to Kathryn Schulz, author of Being Wrong: Adventures in the Margin of Error. At a lecture at GWSB, Schulz offered insight into the dangers of a culture that overvalues being right all the time. The author, a journalist, spoke about those dangers Jan. 28 as part of an ongoing series of events designed to bring public intellectuals to the business school arena. Schulz’s book “offers good lessons for leaders,” said Dean Doug Guthrie. “We have lots of examples in which leaders have a difficult time saying ‘I’ve made a mistake.’ ” There are psychological and physiological reasons why people like to be right, but that single-mindedness can cause leaders to surround themselves with yes men, said Schulz. In further discussion, GWSB professors Tjai Nielsen and James Bailey detailed their research into leadership development. Nielsen, assistant professor of management, said good leaders allow failure to occur. But Bailey, the Tucker Professorial Fellow of Leadership and professor of management, noted that business leaders who incorrectly think they’re right may still get results.

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Kathryn Schulz

“Our research will help Ford understand the strategies, policies and practices it takes to be a trusted corporate partner operating in a complex global market.”

When It’s All Right to be Wrong

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Alumni Donor Meets Scholarship Recipient

Dan Simons meets Lily Belter, BBA, ’12, the first recipient of the annual Scholarship for Sustainable Hospitality funded by Founding Farmers, Farmers & Fishers and the Vucurevich Simons Advisory Group. Simons, BBA, ’92, and his business partners in Founding Farmers restaurants made a commitment to fund the scholarship for five years.

Conference Focuses on Investment

Brazilian Official Outlines Security Strategy Brazilian Minister of Defense Nelson Azevedo Jobim detailed his country’s plans to modernize its military forces, including construction of several conventional submarines and one nuclear submarine, the purchase of a new wing of fighter jets and the creation of 25 army posts. Azevedo Jobim spoke at a conference hosted by GWSB’s Institute of Brazilian Issues and the Strategic Studies Institute of the U.S. Army War College.

GWTrusteeStevenS.Ross,BBA,’81,toldapackedroomattheFourth Annual Ramsey Student Investment Fund Conference last fall that “investing is a marathon, not a 100-yard dash.” Ross is senior vice president for RBC Wealth Management. The conference provided the GW community with investment insights and updates on the $1.2 million Ramsey Student Investment Fund, which is managed by GWSB students.

Briefs on selected media coverage of The George Washington University School of Business and its experts.

Stuart Levy, assistant professor of tourism and hospitality management, published an article on e-mail marketing strategies for success in the Jan. 5 issue of Hospitality Net.

European CEO gave GW School of Business the magazine’s 2010 Global Business Education Award. In the Dec. 7 issue of European CEO, GWSB was lauded as the most innovative business school in the southern United States. The award was based on a reader survey and input from a panel of judges.

FederalTimes

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Kristin Lamoureux, director of GWSB’s International Institute of Tourism Studies and visiting assistant professor of tourism studies, was featured in a story on World Footprints travel radio. In the Nov. 30 story, “Eric Braeden, Part 3,” Lamoureux discussed volunteer tourism in Egypt and around the world.

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James R. Bailey, the Ave Tucker Professor of Leadership and chair of the Department of Management, co-wrote with Jonathan Raelin a Nov. 23 article in the Harvard Business Review online. In the article headlined

A Dec. 6 story posted on FederalTimes.com cited the “Digital IQ” survey undertaken by GWSB and its partner, L2. The research looked at 100 public sector organizations and ranked their social media savvy. “NASA’s embrace of Twitter, Facebook and other social media applications helped it place first in the Digital IQ Index for the Public Sector, a new annual survey released last month by the George Washington University

World Footprints

Chandru Rajam, visiting associate professor of international business, was interviewed by Here & Now radio. The Dec. 10 story, “Colleges Outsource Grading Papers to Asia,” looked at a recent trend that saw U.S.

Lisa Delpy Neirotti, associate professor of tourism and sport management, was quoted in a Dec. 2 BusinessBecause article. The story headlined “Did Sport-Mad Russians And GiftGiving Qataris Win It?” looked at the failed U.S. bid to host the 2022 FIFA World Cup. Qatar, instead, was given the hosting duties. “America has such a large market, a viable market. I think 2026 could be a possibility for us [to bid again],” Delpy Neirotti was quoted as saying.

Lisa Delpy Neirotti, associate professor of tourism and sport management, was interviewed for the cover story of Finnish sports magazine Urheilulehti. In the Dec. 9 article, Delpy Neirotti shares insight on hockey player Alexander Ovechkin of the Washington Capitals.

Here & Now

Urheilulehti

GW School of Business Dean Doug Guthrie was quoted in a Dec. 30 Washington Post article on how the mayor of Newark, N.J., used social media to reach constituents during a snowstorm. “He’s doing something that is very effective and very much capitalizing on the potential of this media,” Guthrie said. “The lesson for politicians is you have to engage it.”

James Bailey, the Ave Tucker Professor of Leadership and chair of the Department of Management, was quoted in the Washington Post Express on Dec. 13. “In my experience, the hardest three words to utter in the English language are ‘I am sorry,’ ” Bailey said in the story about ways to resolve workplace conflict. “And yet they are incredibly powerful words. There’s nothing more disarming than somebody coming to you and saying, ‘I’m sorry,’ especially if they know they misbehaved.”

School of Business and digital think tank L2,” the article noted.

A New York Times profile on business school trading labs gave prominent mention to GWSB’s Capital Markets Trading Lab. The Dec. 30 story, “Where Homework Is Managing a $200,000 Stock Portfolio,” included quotes from Phil Budwick, director of the lab, and GWSB alumni. Robert Berns, MBA, ’10, told the Times that his lab experience at GW helped him land a job at Wells Fargo Securities. “There’s a wow factor to it,” Berns said. “It gave someone like me instant credibility.”

Kathy Korman Frey, adjunct professor of management and GWSB Entrepreneur in Residence, was quoted Dec. 27 in a Washington Post Capital Business section article on companies with “buzz” around them. She cited Brazen Careerist, an online networking site designed to help people build relevant relationships and advance their careers, as a company to watch.

colleges and universities hiring virtual teaching assistants in Asia to grade students’ work.

“Employees See Death When You Change Their Routines,” Bailey and Raelin argued that for many in an organization, the fear of change is akin to the fear of death. “Change is necessary, but so is an understanding of how it invades people’s critical bulwarks against the awareness of mortality. We can’t stave off death forever, but good leadership can temper the debilitating effects of being reminded of it at work,” the authors said.

about entrepreneurship: It’s normal, it’s acceptable, you can be successful,” said Frey.

Jorge Rivera, associate professor in the Department of Strategic Management and Public Policy, was featured on the Nov. 18 PBS Nightly Business Report. In the segment, Rivera talked about the business model for Sungevity, a company the leases solar panels.

National Mortgage Professional Magazine

Scheherazade Rehman, director of the European Union Research Center and professor of international finance, was featured in a Nov. 22 story on PBS NewsHour. In the segment “After Bailout for Irish, Questions Linger Over Portugal, Spain,” Rehman discussed the political implications of Ireland’s bailout.

Robert Van Order, the Oliver R. Carr Professor of Real Estate, and Vanessa Perry, associate professor in the Department of Marketing, were interviewed in the Nov. 18 online edition of National Mortgage Professional Magazine. The report noted that The George Washington University Center for Real Estate and Urban Analysis is working on a series of reports examining the financial status of the Federal Housing Administration. The reports will analyze and interpret FHA reforms underway to improve the agency’s performance. “The FHA served a critically important role in the economic downturn to ensure that low down payment lending continued but, as in past cycles, there is concern that current policies may push the FHA toward instability,” Van Order said.

Danny Leipziger, professor of practice of international business, was featured with GWSB student Shyam Madhavan, MBA, ’11, on a podcast for CNN Politics. The Nov. 22 segment, “ ‘American Sauce:’ Jon Stewart, is this what you meant?” examined the Federal Reserve’s plan to implement quantitative easing.

Katherine Korman Frey, adjunct professor of management and GWSB Entrepreneur in Residence, appeared in a story and video for the Washington Business Journal. In the Nov. 19 article “2010 Women Who Mean Business: Kathy Korman Frey,” the adjunct professor shares her entrepreneurial insight. “The most important thing I learned

The Nov. 17 issue of The Financial Times carried a letter to the editor written by Danny Leipziger, professor of practice of international business. Under the headline “Investment tax credits plan too late and too timid,” Leipziger argued that proposals to use investment tax credits and deals on the Bush-era

tax cuts were a step in the right direction but a year too late. “In the meantime, monetary policy has gone down the dubious route of quantitative easing,” he wrote.

GWSB’s MBA Program was featured in a Nov. 15 BusinessWeek article, “Making a Sustainable Difference,” by Jeremy Dommu, MBA, ’11. Dommu looked at the business benefits of going green. “From the experience I gained in the EDF Climate Corps program, coupled with the education from GW, I feel confident in my ability to responsibly lead a profitable business operation,” he wrote.

Business Standard Sanjay Jain, associate professor of decision sciences, was featured in a Nov. 15 article in Business Standard. The story carrying the headline “International School of Project Management launched in India” mentioned that Jain is a board member of the new International School of Project Management.

Nextgov.com Nextgov.com interviewed Howard Beales, professor of strategic management and public policy, for a Nov. 15 article, “Forecast for cybersecurity bills looks cloudy in reconvened Congress.” Beales discussed the obstacles a lame-duck session presented to the passage of cybersecurity legislation. Congress “needs to take a process oriented approach” to information security, Beales said.

Liesl Riddle, associate professor of international business, was mentioned in the Wall Street Journal for her longitudinal study of the African Diaspora

Marketplace, a clearinghouse for a business plan competition supported by USAID and Western Union. Among other things, Riddle’s research identified reasons why Africans abroad invest in their homelands. “This is a great development opportunity for Africa: to match innovative entrepreneurial ideas and talent with much-needed funding to bring their visions to life,” she said. Her study was also featured in Business Daily, Ugandans Abroad, Africa Review and Portfolio.com.

A Nov. 7 sports column in The [Washington] Examiner referred to GWSB Sports Executives Hall of Fame induction ceremonies in 2007. Ted Lerner, owner of the Washington Nationals baseball team, was honored at that ceremony. The column was titled “Thom Loverro: Offseason approach is slow and steady.”

Scheherazade Rehman, director of the European Union Research Center and professor of international finance, was featured Nov. 5 in Voice of America’s “USA Votes 2010: Midterm Elections Newseum Town Hall” article. Rehman spoke on a panel about the economy.

Young Hoon Kwak, associate professor of decision sciences, was featured on Federal News Radio’s “Federal Drive” segment. The Nov. 1 story, “Earned value management gaining traction,” discussed the growing use of earned value management in government.

EuroBiz Doug Guthrie, dean and professor of international business and professor of management, appeared in the November 2010 cover story of EuroBiz. The article, “Lust for luxury: High fashion brands hone in on Chinese consumers,” analyzed the consumer market in China. “The key point is that just getting to China isn’t going to do anything for you. It just gets you an expensive storefront in Shanghai,” Guthrie said. “Actually penetrating the consumer market and nouveau riche requires some strategizing—a China specific strategy.” Guthrie also discussed the economy, China and currency issues during CNBC’s Worldwide Exchange program on Oct. 28.

Howard Beales, professor of strategic management and public policy, was cited on foodnavigator-usa.com for his research review of food advertising and child obesity. The Oct. 22 article discussed how Beales’ review was used by Grocer Manufacturer’s Association Vice President for Federal Affairs Scott Faber at a meeting of the Institute of Medicine’s Food and Nutrition Board workshop. The workshop focused on legal strategies in childhood obesity prevention.

Doug Guthrie, dean and professor of international business and management, was a guest writer for The Washington Post On Leadership column. In the Oct. 18 article, “What Don Draper gets wrong,” Guthrie described the qualities of a good leader. “Don Draper might be right that it is better to be respected than liked, but for the best leaders, fear has no place in a healthy organization,” Guthrie wrote.

@Ford Online

MyLifetime.com Gil Yancey, executive director of the F. David Fowler Career Center, was interviewed by MyLifetime.com. In an Oct. 13 article titled “Beginning Your Job Search,” Yancey shares tips on how to secure a job in today’s market. “Start early. Do not wait until the last minute,” Yancey said. “There are 26 million unemployed or currently underemployed. It’s not rocket science, but finding employment opportunities in today’s competitive environment is hard work.”

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An Oct. 12 Washington Post Express article quoted Lisa Delpy Neirotti, associate professor of tourism and sport management, discussing how sports team experience can be applied to an office workplace. “You understand that no matter who’s having a bad day or who’s off their game, you still all have to work together and sometimes compensate for other people to achieve the goal of winning,” she said. The article carried the headline “At Work, Become a League of Your Own: Athletes in the Workforce.”

The GWSB Institute for Corporate Responsibility (ICR) was mentioned in an article on @Ford Online, a publication of the automaker. The Oct. 18 article, “Georgia Tech, George Washington University Help Ford Tackle Sustainability Issues Around the World,” detailed Ford Motor Co.’s partnership with ICR. “George Washington…is helping Ford develop a corporate ethics strategy that will allow the company to maintain its high standards for

Jorge Rivera, associate professor of strategic management and public policy, was featured in an article on Greenwire. In the Oct. 15 article, “Too-loud SunChips bag underscores green products’ problems,” Rivera discussed the challenges of marketing green products. “The green product has to be in the same store [customers] usually go to and in the same aisle at the same eye level. Most people will not drive two more miles to buy recycled paper,” Rivera said.

The GW Business Plan Competition was featured in an article on George Washington Today.

Hossein Askari, Iran Professor in the Department of International Business, was featured in a news story on Boston’s NPR station, WBUR. The story looked at the attempt by the supreme leader of Iran to repair his reputation. Askari was quoted in the Oct. 21 report as saying, “I don’t think that many of the senior clerics in Qom who have expressed views against him will, in fact, back down and back him.”

Greenwire

Robert Weiner, professor of international business, public policy and public administration and international affairs, was featured Oct. 22 on the Wall Street Journal’s MarketWatch. In the story “China, India not overpaying for oil, expert says,” he responded to concerns about those nations’ oil acquisitions. “With economic competition from a new source, anxiety is a typical reaction,” Weiner said. “[But] Chinese companies are going around buying oil at commercial terms; they’re not doing anything different.”

WBUR

upholding human rights within its supply chain,” the article said.

Hossein Askari, Iran Professor in the Department of International

foodnavigator-usa.com

The Oct. 21 article, “Starting a Startup,” announced the kickoff of the third year of the GW Business Plan Competition. The competition is now open to faculty as well as students and alumni.

Timothy Fort, executive director of GWSB’s Institute for Corporate Responsibility and professor of strategic management and public policy, was featured on The Wrap, a blog about Hollywood. In his Oct. 28 article, “The Couch Potato’s Opportunity to Lessen Football Concussions,” Fort implored football fans to support NFL Commissioner Roger Goodell’s new safety regulations. “Fan enthusiasm drives the entertainment juggernaut of professional football,” he said. “To protect the players who entertain us and the game we enjoy, fans could help a lot by supporting Goodell now. It might set a nice precedent for fans of other events as well.”

Business, was featured on NPR’s Morning Edition. The Oct. 28 story, “Amid Iran’s Economic Woes, Sanctions Begin to Bite,” discussed the impact of sanctions on Iran’s government and economy. “I absolutely believe that the impact of reduced oil revenues and the cost of the subsidies is really squeezing the government of Iran,” Askari said.

Select Faculty Publications and Presentations

John Artz, associate professor of information systems and technology management, has received a Computing Reviews web badge. He was awarded the distinction for publishing 100 reviews in Computing Reviews, the journal of the Association of Computing Machinery.

Hossein Askari, Iran Professor

of International Business and International Affairs, Scheherazade Rehman, professor of international finance, and the World Bank’s Nora Arfaa have published the book Corruption and its Manifestation in the Persian Gulf. The authors investigated various forms and measures of corruption, examined whether corruption is more acute in Persian Gulf countries than elsewhere and looked at corruption in oil- and natural gas-rich economies. They also analyzed the major factors that encourage corrupt practices and how they impact economic growth and social development.

J. Howard Beales, associate professor of strategic management and public policy, testified Sept. 23 before the House Subcommittee on Commerce, Trade and Consumer Protection. He addressed proposed legislation covering sales practices in the precious metals and rare coin markets.

Edward Cherian, professor of information systems and technology management, presented “Can Distance Education Equal Classroom Learning?” at the International Conference of Education, Research and Innovation held Nov. 15-17 in Madrid, Spain.

Timothy Fort, executive director of the Institute for Corporate Responsibility and professor of strategic management and public policy, received the SIM Best Book Award from the Social Issues in Manage-

ment division of the Academy of Management. Fort’s book, Business, Integrity, and Peace, published in October 2007, advocates the benefits of ethical business practices. The award was announced in the Aspen Institute Center for Business Education e-newsletter in September. Fort recently published Peace Through Commerce: A Multisectoral Approach. The book, available through Springer, was previously published as part of a special issue of the Journal of Business.

Katherine Korman Frey, adjunct professor of management and GWSB Entrepreneur in Residence, organized a “Sisterhood University” at GWSB. The Oct. 9 event brought female community leaders together in an effort to increase personal and professional self-efficacy.

Theodore Glickman, professor of decision sciences, co-authored a paper titled “The Nested Event Tree Model with Application to Combating Terrorism” in the Fall 2010 issue of INFORMS Journal of

Computing. Brian Lunday of West Point and Hanif Sherali of Virginia Tech also contributed to the paper, which aims to “model and solve the strategic problem of minimizing the expected loss inflicted by a hostile terrorist organization.”

Angela Gore, assistant professor of accountancy, received the AAA 2010 Wildman Medal Award at the Aug. 3 American Accounting Association Annual Meeting. She was awarded this distinction for her paper “Consequences of GAAP Disclosure Regulation: Evidence from Municipal Debt Issues” co-authored with William Baber, professor of financial and managerial accounting at Georgetown University.

Doug Guthrie, dean, professor of international business and professor of management, discussed key factors in China’s economic success during an Oct. 7 seminar on sustainability in China. The GWSB seminar also examined why China’s adoption rate for green technologies surpasses that of the United States.

Guthrie also spoke at the G2 at GW: 3rd Annual Conference on China’s Economic Development and U.S.-China Economic Relations. At that Oct. 8 gathering, he presented his paper, “Economic Development and U.S.-China Relations.”

William Halal, professor emeritus of information systems and technology management, made a presentation on Oct. 18 as part of the “Aviation Unleashed” panel led by Dennis Bushnell, NASA Langley’s chief scientist. Halal shared findings from his TechCast project, which put a date on important future milestones. Two days later, Halal served on the Mexico Encounter 2010 “Tools, Technologies and Social Gaps” panel, discussing the effect of today’s technological revolution on society. On Sept. 14, Halal gave a presentation titled “Bank Failure” before a packed audience at the Charlotte Economics Club in North Carolina.

William C. Handorf,

Young Hoon Kwak, associate professor of decision sciences, published a report in the IBM Center for The Business of Government’s Fall/Winter 2010 edition of The Business of Government. The report was titled “Project Management in Government: An Introduction to Earned Value Management.”

Miguel Lejeune,

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assistant professor of decision sciences, published a study in the 2010 Handbook of Quantitative Finance and Risk Management. His study, “Combinatorial Methods for Constructing Credit Risk Ratings,” was co-authored with Alex Kogan of Rutgers University. He also published in the European Journal of Operational Research. His article, “Mathematical Programming Generation of p-Efficient Points,” co-authored with Nilay Noyan of Sabanci University, appeared in Volume 207, Issue 2 of the journal.

management, co-authored “The Fifth Scenario: Identity Expansion in Organizational Psychology” with David Costanza, GW professor of

professor of management science, published “Learning-Directed Leadership in a Changing World” in Vol. 21 of The Systems Thinker newsletter and “Learning and work satisfaction in Asia: A comparative study of Japanese, Chinese and Malaysian managers” in the International Journal of Human Resource Management. His co-author was Yoshitaka Yamazaki of the International University of Japan. Kayes took part in the annual meeting of the Academy of Management, held August 6-10 in Montreal, where he co-presented a paper titled “Emotionally intelligent norms and their relationship to team learning and performance” with Han-Huei Tsay, a GWSB management doctoral student. Additionally, Kayes presented “Team learning in novel and complex situations: Perspectives from business and beyond” on May 20 at the Johns Hopkins Medical School Department of Anesthesiology and Critical Care Grand Rounds in Baltimore.

Jaclyn M. Jensen, professor of

D. Christopher Kayes, assistant

interim associate dean for research and doctoral studies, presented a paper Nov. 1 at a Florida State University seminar. The paper, “On the Acquisition of Equity Carve-outs,” was co-authored with Chintal Desai, PhD, ’08, and Sattar Mansi, PhD, ’99. Klock also published in the fall issue of the Arizona State Law Journal. His paper, “Lessons Learned from Bernard Madoff: Why We Should Partially Privatize the Barney Fifes at the SEC,” discusses financial market fraud.

of the Department of Marketing, presented a paper at the Sept. 9-12 Global Marketing Conference

associate professor of decision sciences, published two papers in the proceedings of the 2010 Winter Simulation Conference. “A Framework for Multi-Resolution Modeling of Sustainable Manufacturing,” coauthored with Deogratias Kibira of the National Institute of Standards and Technology (NIST), proposes use of system dynamics for analysis of policy options for sustainable manufacturing. The second paper, “A Knowledge Sharing Framework for Homeland Security Modeling and Simulation,” co-authored with Charles W. Hutchings of the U.S. Department of Homeland Security and Charles R. McLean and Tina Lee of NIST, defines a framework for coordinating modeling and simulation efforts for homeland security applications. Jain also published a paper in the International Journal of Industrial and Systems Engineering, Volume 6, Issue 4, 2010. “Infrastructure for model-based production scheduling” was co-authored with Lars Mönch of the University of Hagen, Thomas Jähnig of Qimonda and Peter Lendermann of D-SIMLAB Technologies. The paper discusses the infrastructure required for implementation of model-based production scheduling software.

Mark Klock,

Salah Hassan, chair and professor

Sanjay Jain,

organizational sciences and communication. The paper appeared in the September 2010 issue of Industrial and Organizational Psychology: Perspectives on Science and Practice. Jensen also gave two presentations at the Academy of Management meeting, held Aug. 6-10 in Montreal. They were “The Context of Workplace Harassment: HR Practices, Work Environments and Organizational Factors” and “Credibility Perceptions: Effects on Attitudes, Intentions, And Behaviors.”

professor of finance, and Haiyan Yin, assistant professor of finance at Indiana University South Bend, published “State Dependency of Bank Stock Reaction to Federal Funds Rate Target Changes” in the fall issue of The Journal of Financial Research. Handorf also published “Portfolio Diversification and Business Lending” in Commercial Lending Review (September/October 2010) and a Sept. 7 editorial on Wall Street reform in Valor Econômico in São Paulo, Brazil.

in Tokyo. His paper, “Nation Branding Effects on Retrospective Global Evaluation of Past Travel Experiences,” was co-authored with Milena Nikolova, PhD, ’10.

Ying Li, GWSB assistant professor of accountancy, co-authored an article with Donal Byard and Yong Yu. “The Effect of Mandatory IFRS Adoption on Financial Analysts’ Information Environment” was selected for publication in the Journal of Accounting Research.

Tjai M. Nielsen,

dean’s research scholar and assistant professor of management, had “Utility of OCB: Organizational Citizenship Behavior and Group Performance in a Resource Allocation Framework” selected for publication in the highly regarded Journal of Management. Nielsen was also recently recognized as one of the top reviewers for the Journal of Organizational Behavior. Nielsen has served on the editorial board since 2008.

director of the European Union Research Center, was recognized by the GW 2010 Service Excellence Celebration Committee. She received the Parent Choice Award in November for her commitment to exceptional service. Rehman, a professor of international finance, was a panelist at The Brookings Institution’s Dec. 1 workshop titled “In the Wake of the Crisis: Macroeconomic Dilemmas and Financial Regulation Challenges For Europe, America and the World.” She was also a keynote speaker at the Missouri Valley Economic Association’s Oct. 28

Jorge E. Rivera, professor of strategic management and public policy, has published Business and Public Policy: Responses to Environmental and Social Protection Processes. The book presents a new theoretical framework for understanding the relationship between protective public policies and business compliance.

Robert Savickas,

Academy of Management meeting held Aug. 6-10 in Montreal. Walter presented the paper, “Decision alignment: A missing link in the relationship between strategic consensus and organizational performance,” at the Fifth Annual Mid-Atlantic Strategy Colloquium held Nov. 12-13 in College Park, Md. Co-authors on the paper include F.W. Kellermanns, J. Walter, J. Matherne, S.W. Floyd and J.F. Veiga. Walter also wrote the chapter “Strategic decision processes in the realm of strategic alliances” in the Handbook of Research on Strategy Process and published “Dormant Ties: The Value of Reconnecting” in the journal Organization Science. The latter, co-authored with Daniel Levin of Rutgers University and J. Keith Murnighan of the Kellogg School of Management, came out of a study that examined the value of reconnecting with people from one’s past.

Robert Weiner,

associate professor of finance, and

Jorge Rivera, associate professor of strategic management and public policy, were recently honored with the Peter Vaill award. The award was established in honor of Vaill, a former GWSB professor who was celebrated for his commitment to assisting doctoral students. The professors received their plaques of recognition at the Sept. 24 faculty meeting.

Jorge Walter, professor of strategic management and public policy, joined Daniel Levin of Rutgers University and Melissa Appleyard of Portland State University in a presentation titled “Trusted Bridging Ties: A Dyadic Solution to the Brokerage-Closure Dilemma” at the

professor of international business, public policy and public administration and international affairs, presented a paper at the Sept. 17-18 Yale Law School Economics of AntiCorruption Policy Conference. He co-authored the paper, “Conflict and Corruption in International Trade: Who Helped Iraq Circumvent United Nations Sanctions?” with Yujin Jeong, PhD, ’10, assistant professor of international business at HEC Montreal. Weiner and Jeong also coauthored the paper, “Sacks of Cash, Tankers of Oil: Who helped Iraq circumvent United Nations’ sanctions?” It received honorable mention in the first Transparency International Anti-Corruption Research Network research paper competition. Meanwhile, Weiner discussed “State Capitalism and Foreign Direct Investment: Are Chinese and Indian Companies Buying up the

World’s Oil?” at a seminar co-sponsored by the International Business Department, the Rising Powers Initiative within the Elliott School of International Affairs’ Sigur Center for Asian Studies and the Asia Society. The Oct. 22 seminar was based on Weiner’s paper “Do Managers Carry the Flag? Evidence from Foreign Resource Acquisition,” co-authored with Jeong.

Yanfeng Xue, assistant professor in the Department of Accountancy, co-authored with John Robinson and Yong Yu an article titled “Determinants of disclosure noncompliance and the effect of the SEC review: evidence from the 2006 mandated compensation disclosure regulations.” The paper was selected for publication in the Accounting Review. She also co-authored an article with Michael Clement and Jeffery Hales, “Understanding Analysts’ Use of Stock Returns and Other Analysts’ Revisions when Forecasting Earnings,” which was selected for publication in the Journal of Accounting and Economics.

Jiawen Yang, professor of international business and international affairs, coauthored a paper with Deming Wu of the Office of the Comptroller of the Currency and Han Hong of Stanford University. “Securitization and Banks’ Equity Risk” was published online Sept. 4 by the Journal of Financial Services Research. Yang also co-authored a paper with Hui He of James Madison University. “Regime-switching analysis of ADR home market pass-through” appeared in the Journal of Banking & Finance.

Julie Ann Woodford

Scheherazade Rehman,

“State of the Union” panel and she presented a co-authored the paper “Explaining the Returns of Active Currency Managers and Public Investors” for the Third Joint Bank of International Settlements/European Central Bank/World Bank Public Investors Conference held in Basel, Switzerland, Nov 2-3.

GWSB Alumni Profile: Richard Y. Pineda DEGREES: Virginia Tech, BS, Finance, ’95; GWSB, MBA, ’01 CURRENT POSTION: Vice President of Dell Corp.’s Federal Government Services, responsible for managing business strategy, overall operations (including oversight for a dedicated group of 4,000 team members) and long-term growth of the organization, which consists of a roughly $4 billion portfolio of work. FIRST JOB: Manager at First Virginia Bank. BIGGEST CHALLENGE: I was motivated to pursue a business career at an early age and have achieved a relative degree of success at a young age. Over the course of my career, I’ve had to push back against the perception of being the “young guy” and shift the focus to what I bring to the table. BEST B-SCHOOL MEMORY: I enjoyed the professional collaboration with my MBA program cohorts and peers, who were some of the best and brightest. I learned as much from them as I did from the faculty and staff.

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RECENT READING: I’m currently reading Stephen R. Covey’s The Speed of Trust.

GOALS: My family has always been my first priority. I have to ensure that I’m balancing work and life with my wife and children. As far as professional goals, I’m not limiting myself. I’m incredibly excited about leading Dell’s Federal Services business.

HOW GWSB LED TO YOUR CAREER: My GWSB MBA gave me the certification and accreditation to help advance my career significantly.

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PERSONAL: Lives in Fairfax Station, Va., with wife, Kathryn, and their three children, 7-year-old Rachel, 5-year-old Richard Jr. and Reagan, 16 months. Active in several professional associations, including the GWSB Corporate Collaborative Council. Enjoys golf, automobile restoration and amateur car racing.

UPDATE

DEVELOPMENT

Emerging Markets for GWSB Development and Alumni Relations

In his first few months as dean, Doug Guthrie energetically participated in development and alumni activities for the School of Business. In addition to hosting events and visiting alumni and GWSB friends in Washington, D.C., he has traveled to New York City, California and Korea—established alumni regions—to share his vision for the School of Business and discuss opportunities for alumni involvement. He is also committed to spending time in GWSB “emerging markets,” where development and alumni officers are building networks of newly engaged alumni. The enthusiasm in these new regions is high as alumni and friends show their eagerness to build on the momentum.

RALEIGH-DURHAM, N.C. Eric Goldman in the GWSB Office of Development and Alumni Relations has led an effort to build a robust alumni presence in RaleighDurham, N.C. In just under two years, dozens of alumni have become engaged in the outreach. Nearly 20 of them braved a January snowstorm to hear the dean detail future plans for the School. “We were all impressed with his vision for our school and proud we are GW graduates,” said I. Allan From, GW trustee and BBA, ’72. “I am especially happy to see the dean’s outreach to the alums as I know he will be repeating this all over the world,” added From, who hosted the gathering. “It really creates excitement.”

Eric Goldman

DENVER Working in tandem with the University’s Alumni Programs, John Wall from the GWSB Office of Development and Alumni Relations brought together nearly 50 Denverarea alumni for a panel discussion titled “From Wall Street to Your Street: The crash, the recovery and your portfo- John Wall lio.” John Roberts, BBA, ’89, of Denver Investments, and Brian Friedman, BA, ‘89, of GHP Investment Advisors, hosted the December event at the Denver Athletic Club. The event was one of several on tap for area alumni, who also volunteered as a group with Habitat for Humanity. Coming events include a March discussion with the dean and “George Washington’s Birthday Celebration.” GW Trustee Stuart Kassan, MD, ’72, and his wife, Gail Kassan, will host the event with the dean. Denver Alumni Association chair Leslie Deniken, MBA, ’91, will host the birthday gathering. SOUTH FLORIDA In January, Dean Doug Guthrie made his first trip to South Florida, where GWSB has some 740 alumni— retired and working professionals in real estate, finance and health care management. Rebecca Wanek of the GWSB Office of Development and Alumni Relations coordinated events in Boca Raton and Miami where alumni met the dean, shared ideas and expressed interest in activities aimed at raising the School’s pro-

file. “We were very excited to meet Dean Guthrie and hear his thoughts on how to better prepare GW School of Business graduates for today’s increasingly global environment,” said Boca Raton participant Mari Adam, MBA, ’89. “We were also very proud to see GW well positioned by location, curriculum and resources to take a leading role in global business education.” DEAN VISITS SOUTH KOREA Dean Doug Guthrie joined a GW delegation traveling to Seoul, Doug Guthrie with South Korean alumni group. South Korea. During the December trip, he spent several days visiting alumni individually and in small groups. The Korean Alumni the dean’s address “U.S.-Asia Relations: The view from Washington Association’s Year-End Party included a discussion and reception with a special focus on Korea.” Guthrie focused on economic issues featuring Guthrie and Michael E. Brown, dean of the Elliott School of and Brown talked about security, both timely topics given the International Affairs. More than 150 GW alumni turned up to hear tensions between North and South Korea.

LETTER FROM THE EXECUTIVE DIRECTOR

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Sincerely, Karen Ancillai, BA, ’97 Former Executive Director of Development and Alumni Relation

Scholarship. Brian Herrman, BBA, ’77, is CEO of Z-Medica. In speaking at the event, Guthrie was joined by Z-Medica founders Frank Hursey and Bart Gullong. A few weeks later, Z-Medica renewed its generous gift to fund 11 new scholarships for 2011-2012. The end of the year also saw the arrival of two terrific new staff members. Ben Simmons joined as our executive assistant for School Alumni Programs in November. He is a recent graduate of Penn State University, where he earned a Bachelor of Arts in Telecommunications with a minor in business. At GWSB, Simmons leads alumni social media efforts. A month later, Stephanie Gresham joined the office as executive assistant. She earned a Bachelor of Arts in Anthropology and French from Arizona State University and currently is a student in GW’s Master’s of Public Administration program, studying nonprofit management. She aspires to a career in development and is learning how to process gifts and plan alumni visits and events. It has been my great pleasure getting to know so many School of Business alumni in my time here. Thank you for the personal and philanthropic contributions you have made. The commitment of passionate alumni continually enhances GWSB’s potential for success. Onward and upward.

It is bittersweet for me to write my last column as executive director of Development and Alumni Relations for the School of Business. I am stepping down to join the Pew Charitable Trusts in its Washington, D.C., office. I am so proud to have been part of the remarkable change and growth at GWSB over the last seven years, from the construction of Duquès Hall, to the School’s rise in the rankings, to the recruitment of Dean Doug Guthrie. As I leave, I would be remiss if I did not share the news of two generous gifts and two new team members. In November 2010, the Century Council, a national, independent, notfor-profit organization that develops programs and policies to fight drunk driving and stop underage drinking, made a gift of $75,000 to support the work of Professor Lynda Maddox in the Department of Marketing. The grant will help Maddox create, implement and further evaluate the effectiveness of specific, creative, public-service advertising messages aimed at reducing dangerous overconsumption of alcohol on college campuses. A GWSB advertising team proposed the campaign during a national student competition last year. Also in November, our office and the dean hosted a dinner that introduced Z-Medica to the 11 student-veteran recipients of the company’s QuikClot

ALUMNI NEWS

Alumni Relations Update

You are one of the 60,000 graduates of The George Washington University School of Business and a lifetime member of the GWSB Alumni Network. Your GWSB stock is rising continually and, by investing your time and knowledge in the vitality of the School, you increase the value of the GWSB Alumni Network and create a stronger legacy for our current students. Over these past few months, members of the GWSB Alumni Network have contributed to our community through gifts of work and wisdom. They have attended alumni events, hosted students during career treks, served as MBA Mentors, hosted tables at the GWSB Links for Life Lunch, signed up for the Career Advisor Network, hired a GWSB student or fellow alumnus and submitted content for our alumni publications. There are a variety of ways to give back to GWSB. We invite you to participate in the opportunities that you find most meaningful. One of the simplest gifts you can give is to keep your contact information current. It is easy to do so at alumni.gwu.edu/alumni/update. When you visit this site, you can also subscribe to our alumni publications to ensure that you hear about all the

opportunities for staying connected to your alma mater. As you read about our events, programs and volunteer opportunities, please consider where you might contribute your work and wisdom to make the GWSB Alumni Network even greater.

Guthrie continues his worldwide tour this spring with planned trips to visit alumni in Denver, Charlotte, N.C., Taiwan and India.

Dean Guthrie Globetrots to Meet Alumni

2010 GWSB Graduate Programs Reunion

In his first months with the School, Dean Doug Guthrie has made it a priority to meet members of the GWSB Alumni Network. His travels have taken him to Los Angeles, San Francisco, New York City, Raleigh, South Florida and South Korea. In addition to sharing his vision for GWSB, the dean has engaged alumni in a dialogue to learn about their memories of business school and how they envision the School’s future. “It was so inspiring to spend time talking to alumni and hearing firsthand about their enthusiasm for the future of this School,” Guthrie said. “I want to thank all of the alumni who were so generous to take time out of their schedules to meet with me, not to mention the philanthropic support we have received from them through their work, wealth and wisdom.”

GWSB Signature Alumni Programs More than 100 GWSB alumni from across the country took part in the 2010 GWSB Graduate Programs Reunion in the fall. That event honored alumni who exemplify the School’s pillars: Act responsibly, lead passionately and think globally. Dean Doug Guthrie honored Tom di Galoma, MBA, ’85, senior managing director and head of the U.S. Fixed Income Rates Trading Group at Guggenheim Partners; Vicky Lazzell, MBA, ’80, senior vice president at Boston Private Bank & Trust Co.; Beverly Bogerty, MTA, ’00, owner of Occasions Inc.; and Burlie Brunson, EMBA, ’95, vice president of programs, plans and analysis for Lockheed Martin Corporate Strategy and Business Development. The annual GWSB Distinguished Alumni Achievement Awards are the highest honor given by the dean to alumni of GWSB Graduate Programs. Recipients are selected based on their lasting influence on

the GWSB community through outstanding contributions in the areas of work, wealth and wisdom. Following the ceremony, attendees joined University Alumni Weekend participants at the Barenaked Ladies concert on the University Yard. Other weekend highlights included the 4th Annual Ramsey Student Investment Conference featuring keynote speaker Steve Ross, BBA, ’81, and the GW Alumni Breakfast with Guthrie, Associate Dean Murat Tarimcilar and Provost Steve Lerman. Save Sept. 11-18, the date for the 2011 GWSB Graduate Programs Reunion and GW Alumni Weekend. We look forward to seeing you back on campus.

GWSB Students Take Manhattan

GWSB students meant business when they took a bite out of the Big Apple during the 2010 MBA and Undergraduate New York Career Treks. More than 40 MBA students took advantage of the fall trip, attending corporate presentations and informal breakfast, lunch and dinner meetings with alumni in New York City. Students were divided into business practice areas such as marketing, finance, real estate and consulting. Among the distinguished alumni who met with students were Charles Bendit,

Dean Guthrie presents Tom di Galoma, MBA, ’85, with the GWSB Distinguished Alumni Achievement Award

Football, and Keith Wachtel, BBA, ’92, senior vice president of marketing for the National Hockey League. Lisa Delpy Neirotti, associate professor of tourism and sport management, moderated the discussion focused on careers in sports management. If you live in the New York area and want to be involved in the GWSB Career Treks, e-mail: gwsbalum@gwu.edu.

GWSB Alumni Programs Online Stay connected with the GWSB Alumni Network on LinkedIn, Facebook and Twitter

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Professor Lisa Delpy Neirotti moderates the “There’s No Business Like Sports Business” panel discussion hosted during the Undergraduate New York Career Trek. GWSB Sports Executive Hall of Fame inductee, Joel Segal, BA, ’86, responds to student questions.

The GWSB Alumni Relations team is excited to announce a new and improved presence on several online social networks. By joining us on LinkedIn, Facebook and Twitter, alumni can stay informed about programs and events while connecting with other members of the GWSB Alumni Network. These channels not only allow GWSB Alumni Relations to share information with you, but they also encourage communication and dialogue within our community. If you have a news article to share or seek feedback on a discussion, we invite you to post this information on the following social media sites.

BBA, ’75, at Taconic Investment Partners; Tom diGaloma, MBA, ’85, at Guggenheim Partners; Adam Geisler, BS, ’99, at Everlast Worldwide; John Drayton, MBA, ’87, at Citigroup Inc.; Stephen Yalof, BBA, ’85, at Polo Ralph Lauren; and Carly Cohen, BA, ’03, at David Yurman. The MBA students also networked with hundreds of alumni during the kickoff reception for the GW Global Forum at the Waldorf-Astoria Hotel. They were welcomed by GW President Steven Knapp. The fall undergraduate trek, meanwhile, saw nearly 50 students travel to New York City. The students split into three groups— finance/accounting, marketing and sports management—for an experience tailored to their fields of interest. The trek included company site visits, breakfast with alumni, a “There’s No Business Like Sports Business” panel discussion and an alumni-networking reception. During in-office sessions and small group breakfast meetings, the undergraduates met with more than 20 distinguished GWSB alumni. Alumni who shared their experiences, insight and professional advice included Eric Herd, BBA, ’06, at SportsFan Live; Caroline Turitto, BBA, ’04, and Karyn Shapiro, BBA ‘08, at Ironshore; Laura Braude Greenfield, BBA, ’04, at M&T Bank; Tiffany Putnam, BBA, ’01, and Aaron Spool, BBA, ’00, at Moody’s; and Jonathan Hochberg, BBA, ’85, at Hillview Capital Advisors. The student/alumni panel and networking reception at The New York Palace proved to be a highlight of the trip. The program “There’s No Business Like Sports Business” featured panelists, Joel Segal, BA, ’86, president of BEST

ALUMNI NEWS LinkedIn

The GWSB LinkedIn Group is already connected to more than 6,600 alumni, faculty and staff members. By joining us on LinkedIn, you gain access to our postings on upcoming programs and volunteer opportunities. Group members can post and view information on career and networking opportunities. And you can share your experiences and ideas in discussions on topics ranging from career advice to networking tactics. Group membership is restricted to those affiliated with GWSB. Before requesting to join, be sure to display your GWSB affiliation on your profile. Your membership will be approved within a few days.

The GWSB Alumni page on Facebook is your comprehensive “go-to” resource. This is where GWSB Alumni learn about coming events and programs and develop GWSB News. Photos from recent events are also posted here, as well. We encourage alumni to post comments, take part in discussions and raise topics that will further engage the GWSB Alumni Network. If you are currently a member of the GWSB alumni group on Facebook, we ask you to “Like” our new Facebook page: www.facebook. com/gwsbalumni.

Facebook

Twitter

Our new resource, @GWSBalumni, enables you to hear from the GWSB Alumni Network more frequently. In addition to updating followers on School, campus and alumni happenings, we plan to launch contests, questions and discussion items. To make the most of this networking tool, we invite you to tweet us with items you want to share with classmates.

You can follow us @GWSB alumni. We encourage tweeting with the hashtags #GWU and #GWSB. We also encourage your participation in posting discussions or articles on current business events, your feedback on recent GWSB alumni programs and your memories from business school. If you have any questions or comments, contact us via our social media sites or e-mail us at: gwsbalum@gwu.edu.

News From GWSB Alumni Groups MSPM Alumni Association

The GW Master of Science in Project Management Alumni Association hosted several fall programs. With 900 alumni throughout the world, the MSPM Alumni Association has a truly global base. Members of the MSPM Alumni Association kicked off the academic year with a reception and company fair to welcome the new class of MSPM students. Students had the opportunity to meet alumni and network with project management firms. The association also sponsored a webinar on ethics in the procurement industry before closing out the calendar year with a reception to welcome December graduates, the association’s newest members. If you are an MSPM alumnus, we want to hear from you. You are encouraged to join us on Facebook and LinkedIn, both under the name The GWU School of Business Master of Science in Project Management Alumni. For more information e-mail: mspmalumni. gwu@gmail.com.

GW Tech Alumni Group

On Nov. 4, 2010, the GW Tech Alumni Group hosted the interactive roundtable and networking event “Removing the Barriers to Organizational Agility” at the Crain Center in Duquès Hall. Panelists discussed their experiences operating within a rapidly changing landscape as well as their strategies to overcome barriers to organizational agility in the federal government. This discussion, led by current and past federal IT executives, provided solutions for current issues facing government agencies. To become involved with the GW Tech Alumni Group or learn more about its future events, contact Brian Moran, EMIS, ’07 at: brianvmoran@gmail.com.

EMBA Alumni Association (EMBAAA)

The Executive MBA Alumni Association moved into the school year

poised to make a meaningful impact both on alumni and the EMBA program. Through several meetings, strong alumni leaders have emerged, working tirelessly to forge the direction of the group and create unparalleled events for its alumni. Last fall, the EMBA Alumni Association board’s work on a highlevel speaker series became a reality when GW hosted Edward S. Knight of NASDAQ OMX Group Inc. Knight is executive vice president, general counsel and chief regulatory officer for the world’s largest exchange company, responsible for company listing standards and overall compliance. The EMBA Alumni Association wants to make the alumni experience as purposeful as possible. If you have an interest in assuming a leadership position or joining the steering committee, contact President James Robertson, MBA, ’07, at: jlr206@gmail.com.

Edward S. Knight, executive vice president, general counsel and chief regulatory officer for NASDAQ OMX Group Inc., speaks to the EMBA Alumni Association during its fall lifelong learning program.

GW Tourism Alumni Network (GWTAN)

This winter, GWTAN launched its Tourism Thirsty Thursdays, a program of monthly gatherings to encourage networking among MTA Alumni. GWTAN also looks forward to its annual Spring Colloquium. The GW Tourism Alumni Network, made up of alumni from the undergraduate and MTA programs, is led by President Beverly Bogerty, MTA, ’00. To get involved with GWTAN, visit its website: www.gwutourism.org/tan/index. html or e-mail gwtan@gwu.edu.

GWSB Alumni Benefits Because You Are GW Alumni

KEEP IN TOUCH Keep in touch! We want to know what alumni are doing, including career changes and exciting personal news. E-mail your class notes to: gwsbalum@gwu.edu. To update your contact information, visit www.alumni.gwu.edu/update. If you are looking for ways to reconnect with the GWSB Alumni Network, send a message to: gwsbalum@gwu.edu.

GWSB ALUMNI LEADERS GW Alumni Association Alumni Trustees I. Allan From GWSB BBA, ’72

Marc Goldsmith GWSB BBA, ’75

Steve Ross GWSB BBA, ’81

Regional Representatives Michael La Place Jr. CCAS BA, ’85; GWSB MURP, ’89

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and UPDATE US OFTEN!

GWAA Parliamentarian Jeremy Gosbee CCAS BA, ’98; MBA, ’02

GW Tech Group Brian Moran MSIST, ’07 President brianvmoran@gmail.com

GWAA School of Business Delegates Matthew Cohen GWSB BBA, ’08; MBA, ’11

Leslie Megyeri CCAS BA, ’63; LAW JD, ’68; GWSB MBA, ’80

MSPM Alumni Association J. Russell Fugett MSPM, ’07 President mspmalumni.gwu@gmail. com

Representative, HSML Alumni Association Charles Kuebler GWSB/SPHHS MBA, ’70

GWAA Members at Large Buddy M. Lesavoy GWSB BBA, ’80; MBA, ’82; LAW JD, ’87

Chair, International Programs Committee Pilar Rivera GWSB BBA, ’96

Kelly Schirmer GWSB BBA, ’03; SPHHS MHSA, ’06

GW Tourism Alumni Network (GWTAN) Beverly Bogerty MTA, ’00 President gwtan@gwu.edu

GWAA Officers Vice President of Financial Affairs and Treasurer Blaine Atkisson GWSB BAccy, ’98; MBA, ’02

Blagovest Petkov GWSB MAccy, ’03

EMBA Alumni Association (EMBAAA) James Robertson EMBA, ’07 President jlr206@gmail.com

Introducing the new George Washington Alumni Association Checking Account at Bank of America. You can now get a George Washington check card and checks from Bank of America with many great benefits: • Checks and check card that show your GW spirit. • Access to “Keep the Change” with a bonus match rate. • Free Total Security Protection package.

Bank of America will also make a contribution for every new checking account opened. For more information contact the Office of Alumni Relations at 1-800-ALUMNI-7 or e-mail: alumni@gwu.edu.

Spring’s Featured Benefit:

Visit www.bankofamerica.com/ gwalumni or your neighborhood Bank of America branch to open your account. As with the GW credit card, every George Washington Alumni Association Check Card purchase you make provides valuable financial support to the Alumni Association—at no additional cost to you.

Don’t forget, GW alumni are entitled to a host of benefits. You can get discounts on car insurance and life insurance. You are a member of the Club Quarters business-hotel chain, can become a member of the NIH Federal Credit Union and can save on your home mortgage through CitiMortgage. Also, all alumni receive access to the many databases found in Gelman Library.

• Account access at more than 6,100 banking centers and 18,000 bank-owned ATMs. • Special pricing for members on CDs and IRAs. • Secure Online Account Access with up-to-the-minute account activity, credit card bill payment, monthly statements via e-mail and more.

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KEEP THE ALUMNI NETWORK STRONG! Your classmates want to hear from and about you in the next issue of GWbusiness. To share your news, complete the form on page 55 and submit it to Class Notes, GW School of Business, Office of Development and Alumni Relations, 2033 K St., NW, Suite 230, Washington, D.C., 20006. Or, you may fax your information to 202-994-4411 or e-mail it to gwsbalum@gwu.edu. Send photos!

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Clifford M. Kendall, MBA, ’65, was honored Feb. 9, 2011, with the inaugural Tech Council of Maryland Lifetime Achievement Award. The award spotlights executives who not only excelled in their careers but also who have served their communities. Kendall has been a member of the GW Board of Trustees and now is an emeritus trustee. He sits on the GWSB Board of Advisors and chaired the fundraising campaign to construct Duquès Hall. Kendall is the retired chairman and CEO of Computer Data Systems Inc. and has held positions at Booz, Allen & Hamilton, American University and Washington University in St. Louis.

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Jon Larson, MBA, ’71, was elected judge executive in Fayette County, Ky. Larson lives in Lexington. Roger Justice, MPA, ’72, is the regional operations manager for CKS Packaging Inc. in Kansas City, Mo. Justice leads the division for growth in the U.S. Southwest and is responsible for supplying plastic containers from manufacturing plants in Texas, Missouri and Mississippi to Coca Cola, Nestle and Roberts Dairy and other clients. Peter S. Mulvey, MS, ’74, passed away on Nov. 25, 2010. He was 63. Mulvey’s career was highlighted by his tenure at Presbyterian Homes, a nonprofit organization that developed retirement communities in the Chicago area. Mulvey joined Presbyterian in 1982 as chief operat-

ing officer. He later became president and CEO and most recently served as vice chair of the board. Mulvey is survived by his wife, Linda, and two children, Patrick and Shannon.

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Shirley Hailstock, a graduate of Ben Franklin University, which merged with GWSB in 1987, published her 27th novel recently. She is the recipient of numerous awards, including the Pinnacle Award from Fairleigh Dickinson University and the Waldensbook Award. Hailstock is past president of Romance Writers of America (RWA) and new president of the New Jersey chapter of RWA, marking the second time she has served as president of one of the largest RWA chapters.

Gary A. Alpert, MBA, ’81, joined Phyxius LLC as a principal. Alpert also serves as CFO at Mind’s Eye Therapy, an alternative healing company. Michael Ditkoff, MBA, ’81, has retired from the federal government after 36 years of service. His last assignment was senior budget analyst with the Department of Homeland Security’s Citizenship and Immigration Services, the successor to the Department of Justice’s Immigration and Naturalization Service. In retirement, Ditkoff is tapping his passion for dancing and has filed papers to become re-certified as a dance host on cruise ships.

Harvey S. Jacobs, BBA, ’80, was elected president of the Kiwanis Club of Washington, D.C. Jacobs works as a real estate and small business attorney at the Rockville, Md., office of Joseph, Greenwald & Laake, P.A.

Bruce Simon, MBA, ’81, joined City National Bank of Los Angeles as its chief investment officer. In addition to directing investment strategy and leading a team of portfolio managers, Simon will oversee the bank’s open investment platform and chair the investment committee. His past experience includes positions at Ballentine Partners, a wealth management firm in Boston, at J.P Morgan in New York and at Glenmede Trust Co. in Philadelphia, where he was responsible for $15 billion in assets.

Brian Sammarco, MBA, ’80, joined Breyers Yogurt Co. as senior vice president of sales. Previously, he held positions at PepsiCo, Gatorade and Nonni’s Food Company.

Herb Hribar, MBA, ’82, was appointed CEO of CENX, operator of the world’s first carrier ethernet exchange. With more than 35 years of experience in

the telecommunications industry, Hribar will play a critical role in CENX’s global growth and new business partnerships. He previously held executive roles at large telecom companies in Ireland, Switzerland and Germany. Debra M. Cabral, MBA, ’83, was named executive vice president of Porter Novelli Public Services in Washington, D.C. Cabral, whose experience includes time in the nonprofit, health care, financial and technology industries, is responsible for managing existing clients and growing new business. Capt. George Capacci, MPA, ’86, was named deputy chief of operations and construction with the Ferries Division of the Washington State Department of Transportation. He oversees operations, terminal engineering, vessel maintenance, preservation and engineering.

Norman Ball, MBA, ’90, has published a book of essays titled How Can We Make Your Power More Comfortable? The book tracks the politically powerful and seeks the truth behind the two-party system. Harlan Sands, MBA, ’90, was named vice provost for administration and quality improvement at the University of Alabama at Birmingham (UAB). Sands will provide leadership for academic administration, strategic planning, enrollment management, finance, budgeting, student support operations and compliance. Sands, who has held other positions at UAB, joined the university in 2007. Prior to that, he served as associate vice president for research at Florida International University.

Michael Porricelli, MBA, ’93, is now managing director of Front Range Consulting, a Denverbased consulting and advisory firm that offers institutional research, valuations and strategic investment banking advisory services.

Stephen H. Craft, PhD, ’01, and MBA, ’94, has been named dean of the Michael E. Stephens College of Business at the University of Montevallo in Alabama. Craft, previously the dean of business programs at Birmingham-Southern College, began his tenure on Jan. 1, 2011. In addition to being a GW alumnus, he is also a former faculty member of the GW School of Business.

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Tim Clark, PhD, ’09, and Mark Heuer, PhD, ’01, contributed to a special sustainability issue of Academy of Management Learning and Education, which appeared online in September. The issue was co-edited by Clark, Mark Starik, who is chair of the GWSB Department of Strategic Management and Public Policy, Gordon Rands and Alfie Marcus. The same issue of the journal featured an interview with Chad Holliday, GWSB executivein-residence and former CEO and chairman of DuPont. Holliday’s son, Scot, who earned his degree from the GW Graduate School of Education and Human Development, wrote the interview.

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Vince Morabito, MTA,’01, has been promoted to senior account executive for Marriott’s Mid-Atlantic Corporate division. Previously a senior sales executive for Baltimore’s Marriott Waterfront Hotel, Morabito will now focus on accounts for all of Marriott’s locations in the Mid-Atlantic. Morabito will also handle large corporate accounts including Northrop Grumman, the Baltimore Orioles, and the Washington Redskins.

Andrew C. Lewis, BA, ’98, was promoted to managing director at the audit and tax advisory firm KPMG. Lewis has 13 years of professional accounting experience and is a fellow of the KPMG Government Institute, author and speaker for the Association of Government Accountants and a committee chair with the Greater Washington Society of CPAs. Since 2005, he has taught courses on government and not-for-profit accounting and auditing as an adjunct professor at The George Washington University. He is a CPA, licensed in D.C., Maryland and Virginia, as well as a Certified Government Financial Manager.

Todd Troha, MBA, ’00, is the general manager for Effect Partners, a marketing company that focuses on sustainability and social change. Troha recently helped launch the company’s “Green Awards” campaign that aims to highlight and reward people who are creating positive social change.

Steven Dorlen, BBA, ’92, was appointed director of business development for TwoFour Consulting in White Plains, N.Y. TwoFour Consulting provides professional consultants to help develop, deploy

A. John Shoraka, MBA, ’92, was appointed a regional administrator for the U.S. Small Business Administration. Based in King of Prussia, Pa., Shoraka oversees programs and services to help small businesses grow and create jobs throughout much of the Mid-Atlantic region.

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Mitchell Schear, MBA, ’91, was recognized as an Executive of the Year by Commercial Property Executive magazine. Schear, who is the president of commercial realtor Vornado/Charles E. Smith in Washington, D.C., is also the recipient of the “Rising Leader” award. Over the past year, he led development of several high-profile projects. They included PNC Place, the first D.C. office building with platinum-level LEED standards, and 1999 K. St. NW, which sold for $207.8 million, garnering one of the highest per-square-foot prices in the D.C. market.

Charles Sharkey, MBA, ’92, joined Big Island Carbon LLC as vice president of business development. The company, located in Hawaii, is completing a plant that will produce activated carbon for a wide range of air, water and chemical purification applications. Sharkey is also a U.S. Naval Academy graduate and currently serves as a captain in the U.S. Naval Reserve.

Levent Ozbilgin, MBA, ’99, was appointed by Alcatel-Lucent as country manager for Azerbaijan.

Gretchen Driskell, MBA, ’87, now in her sixth two-year term as mayor of Saline, Mich., was the first female mayor of the city and is now its longest-serving. Driskell

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and optimize technology strategies across all sectors of capital markets. Dorlen previously held positions at Hyatt Leader, a firm that recruits consultants for Fortune 500 companies, and IT consulting firm Princeton Information.

Jim Williams, MBA, ’86, retired in April 2010 after a 30-year career with the federal government. He recently became the senior vice president for global professional services at Daon, a worldwide biometric company based in Reston, Va. While with the government, Williams served for more than 18 years in the Senior Executive Service. Williams’ federal career highlights include serving as the first director of the US-VISIT program at the Department of Homeland Security, several executive positions at the IRS and serving as the first commissioner of the Federal Acquisition Service at GSA, where he was responsible for more than $50 billion in annual revenues. In 2008, President George W. Bush appointed Williams as acting administrator of GSA, a job he held for the last five months of the Bush Administration with responsibility for presidential transition. He received the Presidential Rank Award from Presidents Bill Clinton and Bush.

has emphasized business and economic development for the city, located near Ann Arbor. This year, she won an award from the Michigan Association of Mayors for her leadership in transportation research and development. For more on Driskell’s accomplishments as mayor, visit http://www.annarbor. com/news/saline/salines-longestrunning-mayor-loves-her-job/.

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Richard Pineda, MBA, ’01, has been promoted to the lead of Dell’s Federal Government Services located in Fairfax, VA. Pineda has been key in helping increase business in the federal marketplace in the areas of financial management and overall IT program management. Prior to this promotion, Pineda served as chief operations leader.

Hassan Aldarbesti, MSIST, ’02, serves as chief information officer for Qatar Project Management (QPM). The company provides unrivaled real estate and infrastructure project management services. QPM is currently managing mega projects in various locations around the world, while cultivating potential markets and playing an integral part in the development of international communities. QPM aims to position itself within the top five international project management companies by 2020 A. Ray Chaudhuri, MBA, ’02, and wife Rupali welcomed their second child, Rayna Anjali Chaudhuri, born Jan. 8, 2010. The couple also has a 5-year-old son, Arvin. Chaudhuri spends half of his time in New Orleans, where his wife is in graduate school, and half of his time in Maryland as the chief financial officer of Biological Mimetics Inc., a Maryland biotech company.

Jeffrey Elliot, MBA, ’03, has published his first book, The Zwilling J.A. Henckels Complete Book of Knife Skills. The book covers topics ranging from shopping for and storing kitchen knives, to cutting and sharpening techniques. Anoma Kulathunga, MS, ’03, (and PhD candidate, ’11), has published Uganda’s Remittance Corridors from United Kingdom, United States and South Africa, her fifth book with The World Bank. John Wimberly, EMBA, ’03, has published The Business of the Church: The Uncomfortable Truth that Faithful Ministry Requires Effective Management. The work was selected as a notable book in 2010 by Christian Century magazine. Jason McCray, MBA, ’04, has been promoted to chief operating officer at Grantmakers for Effective Organizations (GEO), a national network of foundations and other grant makers working to build stronger nonprofit grantees. McCray’s responsibilities include financial management, strategic planning, fundraising and internal evaluation. McCray first joined GEO in 2004 as manager of operations. Brett Warner, BBA, ’04, president and founder of Cool Palms LLC, was featured in Bloomberg Businessweek.

The Oct. 18, 2010, article, “Business School Entrepreneurs,” highlights Warner’s collaboration with Lisa Delpy Neirotti, associate professor of tourism and sport management. After hearing the Cool Palms executive discuss the challenges of starting his business, students in Neirotti’s MBA class started developing a comprehensive marketing plan for the firm, which invented a wrist band designed to keep runners cool while engaged in athletic activity. “Some students have already gone above and beyond the marketing plan and are actually calling meetings with major industry players,” Warner said. John Berkowitz, BBA, ’05, recently saw the company he co-founded ranked as the 35th fastest-growing company in the United States. Inc. Magazine gave that distinction to online marketing company Yodle Inc., which Berkowitz helped launch more than five years ago. Yodle has experienced tremendous success, growing to more than 450 employees and receiving a variety of venture capital funding. Pramila N. Rao, PhD, ’05, recently published two books. Executive Recruitment and Selection Practices: US-Mexico Joint Ventures examines the importance of hiring processes as the United States and Mexico partner in global business. Taking Sides: Clashing Views in Human Resource Management is part of a series of books highlighting controversial issues and stimulating student debate. Rao is an assistant professor of human resource management at Marymount University.

Shibani K. Malhotra, MBA ‘06, is currently an associate director in the Corporate Advisory Services practice of Eurasia Group—a leading global politic risk advisory services firm based in New York, NY. She works with Fortune 500 companies in identifying and integrating political, economic, security, and regulatory risks into their global strategy for entry or expansion within emerging markets. Previously, Shibani was a strategy & operations manager with Deloitte Consulting in its Emerging Markets practice, where she designed and implemented projects serving international governments, foreign entities, and US government foreign affairs institutions. J. Russell Fugett, MSPM, ’07, organized “Celebrate The Legacy: A Reception For New Friends of The Reginald F. Lewis Museum of Maryland African American History & Culture” at the Philippines Embassy in December. Fugett, nephew of the late Reginald F. Lewis, seeks to increase awareness of his uncle’s legacy and the museum, which is the largest African American history museum on the East Coast. Lewis was the first African American to build a billion-dollar company. Katie Hansen, MTA, ’08, left The Walt Disney Company in 2010 to start her own company. She is based in Minneapolis and provides marketing and communications services to clients worldwide. She can be reached at klhansen417@gmail.com.

What’s New?

Keep us current on where you work, promotions, new business ventures, and any business or academic honors. Complete this form and send it to Class Notes, GW School of Business, Office of Development and Alumni Relations, 2033 K Street, Northwest, Suite 230, Washington, D.C., 20006. Or, you may fax your information to 202-994-4411 or e-mail it to gwsbalum@gwu.edu. PLEASE TYPE OR PRINT.

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Creating a Meaningful Legacy at GW is easy. If you have a retirement plan, it’s easy to help deserving students receive a world-class education in the nation’s capital. You can name GW as a beneficiary of some or all of the funds that may remain in your IRA, 401(k), or other plan after your lifetime. Just complete a new beneficiary designation form that includes GW and its Tax ID number (53-0196584) and submit it to your plan administrator. A few of the benefits:

“It’s incredible that you can transform someone’s life by providing them with opportunities to excel.”

TOM CURTIS, BA ’81, MA ’95 Tom is supporting the GW Power & Promise Fund for student aid through his IRA. His estate will receive a significant tax deduction and GW will receive the designated portion of his IRA tax-free.

N o change in lifestyle since your gift comes from leftover funds.  E limination of income and estate taxes that otherwise would be due.  F lexibility to support the program of your choice. GW can answer your questions to help make it even easier. Contact us today!

CALL: 202-994-7657 EMAIL: plannedgiving1@gwu.edu ONLINE: www.gwu.edu/give/plannedgiving